Description: Panelists discuss a new actuarial textbook. Addressed are the rationale for the book, layout, and some practical applications of financial economics in an insurance or annuities context. From the Record of the Society of Actuaries, Vol. 23, No. 2.

Description: In this paper, the authors take an axiomatic approach to characterize insurance prices in a competitive market setting. Four axioms are presented to describe the behavior of market insurance prices. From these axioms it follows that the price of an insurance risk has a Choquet integral representation with respect to a distorted probability.