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Aggregation Functions and Personal Utility Functions in General Insurance

Keywords: Utility function , Expected utility , Mixture operator , General Insurance

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Abstract:

The modeling of a utility function’s forms is a very interesting part of moderndecision making theory. We apply a basic concept of the personal utility theory ondetermination of minimal net and maximal gross annual premium in general insurance. Weintroduce specific values of gross annual premium on the basis of a personal utilityfunction, which is determined empirically by a short personal interview. Moreover, weintroduce a new approach to the creation of a personal utility function by a fictive gameand an aggregation of specific values by mixture operators.

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