Economic theories of risk (Ireneusz Dąbrowski) Randomness: uncertainty and risk Probabilities Expected value as profit measure Variance as risk measure Decision Making St. Petersburg Paradox Expected Utility Theory The von Neumann-Morgenstern Theorem Risk Aversion Risk Aversion and Insurance Absolute risk aversion Relative risk aversion The State-Preference Approach Utility Analysis Risk Aversion Insurance in the State-Preference Model The Preference Axioms The Expected Utility Property Examples of utility functions Alternatives to Expected Utility - Prospect Theory Allais paradox Ellsberg Paradox and Ambiguity Aversion Ellsberg Paradox I Ambiguity Aversion Expected Utility Theory revised The Certainty Effect The Reflection Effect The Isolation Effect Two stages decision process: editing and evaluation Fundamentals of risk and insurance (Adam Śliwiński) Basic concepts of probability and statistics Concept of insurable risk Risk management Principles and functions of insurance The field of insurance and its mathematical explanation The field and idea of insurance Mathematical explanation Definition of insurance Brief history of insurance Classification of insurance Functions of insurers Insurance "production" cycle Financial aspects of on insurance firm Basic characteristic of insurer financial management Concept of earned premium Incurred losses and technical provisions Assets, liabilities, profits of an insurers Introduction to non-life and life insurance Non-life insurance Property insurance Auto insurance Business insurance Life insurance Characteristic of life insurance Types of life insurance Pure cover vs. cash value life insurance Premium computation in life insurance - actuarial basis Current life insurance product