In actuarial parlance, the price of an insurance policy is considered fair if customers bearing the same risk are charged the same price. The estimate of this fair amount hinges on the expected value obtained by weighting the different claims by their probability. We argue that, historically, this concept of actuarial fairness originates in an Aristotelian principle of justice in exchange (equality in risk). We will examine how this principle was formalized in the 16th century and shaped in life insurance (...) during the following two hundred years, in two different interpretations. The Domatian account of actuarial fairness relied on subjective uncertainty: An agreement on risk was fair if both parties were equally ignorant about the chances of an uncertain event. The objectivist version grounded any agreement on an objective risk estimate drawn from a mortality table. We will show how the objectivist approach collapsed in the market for life annuities during the 18th century, leaving open the question of why we still speak of actuarial fairness as if it were an objective expected value. (shrink)

We defend, from a contractarian perspective, that the fair price of an insurance policy is the amount that the contracting parties agree when they are both equally uncertain about the insured event. Drawing on the approach developed by R. Sugden in _The Community of Advantage_, we answer two standard objections raised against contractarianism in the actuarial sciences: (1) people are not wise enough to assess their actuarial risks; (2) they are not rational enough to decide which insurance policy suits them (...) better. We show under which circumstances people can make fair actuarial agreements, without presupposing any objective risk or rationality benchmarks. (shrink)

Exploramos aquí la conexión entre los conceptos de riesgo e igualdad en el argumento del observador imparcial. La concepción de la justicia que elegiría un observador imparcial se justifica por la pureza del procedimiento de elección. Sin embargo, si modelizamos esta decisión utilizando medidas del riesgo habituales en matemática financiera, veremos cómo el criterio de elección del observador bajo el velo de la ignorancia contiene una preferencia implícita por el grado de desigualdad resultante. Esto nos obliga a reconsiderar la pureza (...) procedimental de la elección. (shrink)

Tradicionalmente, las primas de los contratos de seguros se han considerado justas o equitativas cuando se corresponden exactamente con el riesgo de las pólizas, medido este último mediante la esperanza matemática de la siniestralidad. En este artículo llevamos a cabo una crítica de este enfoque aparentemente objetivo y proponemos una justificación alternativa de la denominada equidad actuarial, basada en argumentos contractualistas. Para ello nos apoyamos en ciertas intuiciones de Jean Domat, un jurista francés del siglo XVII, acerca de la incertidumbre (...) compartida, integradas dentro del marco general proporcionado por la teoría contractualista del economista y filósofo contemporáneo Robert Sugden. (shrink)