Michael R. Powers
Encyclopedia
Michael Roland Powers is Professor of Risk Management and Insurance at Temple University
’s Fox School of Business
, and Distinguished Visiting Professor of Finance at Tsinghua University
’s School of Economics and Management
. An internationally recognized insurance
scholar, he is particularly prominent in China’s academic community. His major research contributions include the introduction of intertemporal discounting into collective risk theory (actuarial ruin theory
), and the derivation of the “Powers-Shubik square-root rule” for the approximate number of reinsurance
companies operating in a national insurance market. He currently edits the Journal of Risk Finance.
Powers received his B.S. in Applied Mathematics from Yale University
and his Ph.D. in Statistics from Harvard University
. Appointed Deputy Insurance Commissioner for the Commonwealth of Pennsylvania (a sub-cabinet-level post in the state government) in 1987, he was responsible for designing Pennsylvania’s current “choice” no-fault
automobile-insurance system. He joined the faculty of Temple University in 1990, and has published over sixty articles and book chapters on a variety of regulatory and public-policy topics. He also has co-edited two books – The Economics and Politics of Choice No-Fault Insurance (2001, Kluwer) and Global Risk Management: Financial, Operational, and Insurance Strategies (2002, JAI/Elsevier) – and is the author of Icons (2003, Dry Bones Press), a science-fiction/fantasy novel.
Powers’ research has been recognized by awards from the Journal of Risk and Insurance, the Risk and Insurance Management Society
, and the International Insurance Society. A frequent collaborator with Yale University’s Martin Shubik
, he is responsible for promoting the application of game-theoretic modeling in insurance
and actuarial science
.
Powers’ work received media attention during the 2008 U.S. Presidential election campaign when his published comments on the relative life expectancies of candidates John McCain
and Barack Obama
were cited by actor Matt Damon
and others as a cause for concern.
Temple University
Temple University is a comprehensive public research university in Philadelphia, Pennsylvania, United States. Originally founded in 1884 by Dr. Russell Conwell, Temple University is among the nation's largest providers of professional education and prepares the largest body of professional...
’s Fox School of Business
Fox School of Business
The Richard J. Fox School of Business and Management is the business school of Temple University. Located in Philadelphia, the Fox School offers several Master of Business Administration programs ; several other master's degree programs; and several Ph.D...
, and Distinguished Visiting Professor of Finance at Tsinghua University
Tsinghua University
Tsinghua University , colloquially known in Chinese as Qinghua, is a university in Beijing, China. The school is one of the nine universities of the C9 League. It was established in 1911 under the name "Tsinghua Xuetang" or "Tsinghua College" and was renamed the "Tsinghua School" one year later...
’s School of Economics and Management
Tsinghua University
Tsinghua University , colloquially known in Chinese as Qinghua, is a university in Beijing, China. The school is one of the nine universities of the C9 League. It was established in 1911 under the name "Tsinghua Xuetang" or "Tsinghua College" and was renamed the "Tsinghua School" one year later...
. An internationally recognized insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
scholar, he is particularly prominent in China’s academic community. His major research contributions include the introduction of intertemporal discounting into collective risk theory (actuarial ruin theory
Ruin theory
Ruin theory, sometimes referred to as collective risk theory, is a branch of actuarial science that studies an insurer's vulnerability to insolvency based on mathematical modeling of the insurer's surplus....
), and the derivation of the “Powers-Shubik square-root rule” for the approximate number of reinsurance
Reinsurance
Reinsurance is insurance that is purchased by an insurance company from another insurance company as a means of risk management...
companies operating in a national insurance market. He currently edits the Journal of Risk Finance.
Powers received his B.S. in Applied Mathematics from Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
and his Ph.D. in Statistics from Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
. Appointed Deputy Insurance Commissioner for the Commonwealth of Pennsylvania (a sub-cabinet-level post in the state government) in 1987, he was responsible for designing Pennsylvania’s current “choice” no-fault
No-fault
No-fault may refer to:*No-fault divorce*No-fault insurance*No-fault liability...
automobile-insurance system. He joined the faculty of Temple University in 1990, and has published over sixty articles and book chapters on a variety of regulatory and public-policy topics. He also has co-edited two books – The Economics and Politics of Choice No-Fault Insurance (2001, Kluwer) and Global Risk Management: Financial, Operational, and Insurance Strategies (2002, JAI/Elsevier) – and is the author of Icons (2003, Dry Bones Press), a science-fiction/fantasy novel.
Powers’ research has been recognized by awards from the Journal of Risk and Insurance, the Risk and Insurance Management Society
Risk and Insurance Management Society
The Risk and Insurance Management Society, Inc. is a professional association for risk management professionals dedicated to advancing the practice of risk management. Founded in 1950, RIMS represents more than 3,500 industrial, service, nonprofit, charitable and governmental entities. The Society...
, and the International Insurance Society. A frequent collaborator with Yale University’s Martin Shubik
Martin Shubik
Martin Shubik is an American economist, who is Professor Emeritus of Mathematical Institutional Economics at Yale University. He was educated at the University of Toronto and Princeton University...
, he is responsible for promoting the application of game-theoretic modeling in insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
and actuarial science
Actuarial science
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Actuaries are professionals who are qualified in this field through education and experience...
.
Powers’ work received media attention during the 2008 U.S. Presidential election campaign when his published comments on the relative life expectancies of candidates John McCain
John McCain
John Sidney McCain III is the senior United States Senator from Arizona. He was the Republican nominee for president in the 2008 United States election....
and Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
were cited by actor Matt Damon
Matt Damon
Matthew Paige "Matt" Damon is an American actor, screenwriter, and philanthropist whose career was launched following the success of the film Good Will Hunting , from a screenplay he co-wrote with friend Ben Affleck...
and others as a cause for concern.