Systematic Risk, Unsystematic Risk, and Property-Liability Rate Regulation
针对财产责任保险的费率监管应采用总方差风险还是系统性风险的问题，提出一个规范模型来调和不同观点，实证表明该模型比均值方差资本资产定价模型更可靠且提供更高的风险溢价。
Several researchers suggest that property-liability rates be regulated using total variance risk measures. Others insist that only systematic risk measures are relevant. A normative model is proposed to reconcile these diverse approaches. Empirical analysis indicates that the model provides a higher risk premium and is reliable when compared to the mean-variance Capital Asset Pricing Model.