How to cite this paper
Setiawan, A., Sugiarto, S., Ugut, G & Hulu, E. (2021). Fair pricing: A framework towards sustainable life insurance products.Accounting, 7(1), 1-12.
Refrences
Aase Nielsen, J., & Sandmann, K. (1995). Equity-linked life insurance: A model with stochastic interest rates. Insurance: Mathematics and Economics, 16(3), 225–253.
Adams, J. S. (1965). Inequity in social exchange. Advances in experimental social psychology, 2, 267-299, New York: Academic Press.
Andersson, O., & Haglund, E. (2015). Financial Econometrics: A Comparison of GARCH type Model Performances when Forecasting VaR. Bachelor of Science Thesis.
Artzner, P., Delbaen, F., Eber, J., & Heath, D. (1999). Coherent measure of risk. Mathematical Finance, 9(3), 203–228.
Avraham, R. (2017). Discrimination and Insurance. SSRN Scholarly Paper ID 3089946.
Barnard, C. R., Francis, K., Hussain, T., Jumanca, C., & Zhang, A. (2018). How can we improve the customers’ experience of our life products? British Actuarial Journal, 23.
Brealey, R. & Myers, S.C. (2000). Principles of Corporate Finance (McGraw-Hill: New York).
Cato, M. S. (2012). Green economics: putting the planet and politics back into economics. Cambridge Journal of Economics, 36(5), 1033–1049.
Chapman, D., & Cooper, C. (1987). Risk analysis for large projects: models, methods & cases. New York: John Wiley & Sons.
Chichilnisky, G. (2012). Economic theory and the global environment. Economic Theory, 49(2), 217–225.
Chong, M. L. (2015). The effects of nonfinancial performance measures on role clarity, procedural fairness and managerial performance. Pacific Accounting Review, 27(2), 142-165.
Cox, J. L. (2001). Can differential prices be fair?. Journal of Product and Brand Management, 50(5), 264–75.
Damelsson, J., Shin, H.S. and Zigrand, J.P. (2004). The impact of risk regulation on price dynamics. Journal of Banking and Finance, 25, 1069–1087.
Damodaran, A. (1999). Applied Corporate Finance: A User’s Manual (Wiley: New York).
Darnall, N., Henriques, I. & Sadorsky, P. (2010). Adopting proactive environmental strategy: The influence of stakeholders and firm size, Journal of Management Studies, 47, 1072-1094.
Dickson, D. C. M., M. R. Hardy, & H. R. Waters. (2013). Actuarial Mathematics for Life Contingent Risks. Cambridge University Press, 2 edn.
Diller, H. (2008). Price fairness. Journal of Product & Brand Management, 17(5), 353-355.
Doh, J. P. & Guay, T. R. (2006). Corporate social responsibility, public policy, and NGO activism in Europe and the United States: An institutional-stakeholder perspective, Journal of Management Studies, 43(1), 47-73.
Dowd, K. (2002). An Introduction to Market Risk Measurement. NJ: J. Wiley Hoboken.
Ferguson, J. L., Ellen, P. S. & Bearden, W. O. (2014). Procedural and distributive fairness: Determinants of overall price fairness. Journal of Business Ethics, 121, 217–231.
Financial Conduct Authority. (2018). Climate Change and Green Finance, Discussion Paper.
Foxon, T. J., Kohler, J., Michie, J. & Oughton, C. (2012). Towards a new complexity economics for sustainability. Cambridge Journal of Economics, 37(1), 187–208.
Freeman, R. E. (2010). Stakeholder theory. The state of the art, Cambridge: Cambridge University Press.
Friedman, M. (1962). Capitalism and freedom. Chicago: University of Chicago Press.
Friedman, M. (1970). The social responsibility of business is to increase its profits. New York Times Magazine, 32-33, 122, 124, 126.
Frynas, J. G. & Yamahaki, C. (2013). Corporate social responsibility: Review and roadmap of theoretical perspectives, Paper presented at the BAM2013 Conference Proceedings, Liverpool, England.
Gerard, B. (2018). ESG and Socially Responsible Investment: A Critical Review, SSRN Electronic Journal.
Goodwin, C. & Ross, I. (1992). Consumer responses to service failure: influence of procedural and interactional fairness perceptions, Journal of Business Research, 25(2), 149-163
Hallstedt, S. (2017). Sustainability criteria and sustainability compliance index for decision support in product development. Journal of Cleaner Production, 140, 251-266.
Hardy, M. (2006). An Introduction to Risk Measures for Actuarial Applications, Casualty Actuarial Society and the Society of Actuaries.
Heras, A., M., Teira, D., & Pradier, P., C. (2016). What was fair in actuarial fairness?, Documents de travail du Centre d'Economie de la Sorbonne 16073, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
Hira, T. K. (2012). Promoting sustainable financial behaviour: implications for education and research, International Journal of Consumer Studies, 36(5), 502–507.
Ho, S. S. M. & Pike, R. H. (1992). The use of risk analysis technique in capital investment appraisal. New York: John Wiley & Sons.
Jensen, M. (2011). Value Maximization, stakeholder theory and the corporate objective function. Journal of applied corporate finance, 14(3).
Kahneman, D., Knetsch, J. L., & Thaler, R. (1986). Fairness as a constraint on profit seeking: Entitlements in the market. The American Economic Review, 76(4), 728-741
Kallis, G. (2011). In defence of degrowth. Ecological Economics, 70(5), 873–880
Kamas, L., & Preston, A. (2012). Distributive and reciprocal fairness: What can we learn from the heterogeneity of social preferences?. Journal of Economic Psychology, 33(3), 538–553.
Kiron, D., Kruschwitz, N., Haanaes, K., Reeves, M. & Goh, E. (2013). The innovation bottom line: The benefit of sustainability-driven innovation. MIT Sloan Management Review and the Boston Consulting Group Research Paper, 54(2), 69–73.
Knight, F. H. (1985). Risk, uncertainty and profit. Chicago: University of Chicago press.
Kolk, A., & Pinkse, J. (2007). Towards strategic stakeholder management? Integrating perspectives on sustainability challenges such as corporate responses to climate change. Corporate Governance International Journal of Business Society, 7, 370-378.
Krawczyk, M., W. (2011). A model of procedural and distributive fairness. Theory and Decision, 70(1), 111–128.
Landes, X. (2015). How fair is actuarial fairness. Journal of Business Ethics, 128(3), 519-533.
Lee, M.-D. P. (2011). Configuration of external influences: The combined effects of institutions and stakeholders on corporate social responsibility strategies. Journal of Business Ethics, 102, 281-298.
Linnér, B.-O., & Selin, H. (2013). The United Nations Conference on Sustainable Development: Forty Years in the Making. Government and Policy, 31(6), 971–987.
Lucas, T. (2009). Justifying outcomes versus processes: Distributive and procedural justice beliefs as predictors of positive and negative affectivity. Current Psychology, 28(4), 249–265.
Lys, T., Naughton, J. & Wang, C. 2015, Signaling through corporate accountability reporting, Journal of Accounting and Economics, 60(1), 56–72
Mahayni, A. & Steuten, D. (2013). Deferred life annuities: on the combined effects of stochastic mortality and interest rates. Review of Managerial Science, 7(1), 1–28.
Maxwell, S. (2002). Rule-based price fairness, and its effect on willingness to purchase. Journal of Economic Psychology, 23(2), 191-212.
McKinsey. (2016). Harnessing the Power Of Digital in Life Insurance, Financial Service Practice report.
Montiel, I. & Delgado-Ceballos, J. (2014). Defining and measuring corporate sustainability: Are we there yet? Organization & Environment, Advance online publication.
Perez-Batres, L. A., Doh, J. P., Miller, V. & Pisani, M. J. (2012). Stakeholder pressures as determinants of CSR strategic choice: Why do firms choose symbolic versus substantive self-regulatory codes of conduct? Journal of Business Ethics, 110, 157-172.
Raftery, J. (1994). Risk analysis in project management, London: E&FN Spon.
Reisman, R., Payne, A. & Frow, P. (2019). Pricing in consumer digital markets: A dynamic framework, Australasian Marketing Journal (AMJ).
Rezaee, Z. (2015), Business sustainability research: A theoretical and integrated perspective. Journal of Accounting Literature, 36, 48-64.
Rezaee, Z., Zhen, K. & Ha, M. (2017). Progress Toward Business Sustainability in Asia in the Aftermath of 2015 Hong Kong Stock Exchange Requirements. International Journal of Sustainability Management and Information Technologies, 3(4), 40-45.
Rita, B. A., & Persson, S. (2002). Design and pricing of equity‐linked life insurance under stochastic interest rates. The Journal of Risk Finance, 3(2), 6–21.
Sardon, M. (2019). Financial Industry Leads the Way on Diversity and Inclusion, The Wall Street Journal Oct 26, 2019.
Sarkis, J., Gonzalez-Torre, P. & Adenso-Diaz, B. (2010). Stakeholder pressure and the adoption of environmental practices: The mediating effect of training. Journal of Operations Management, 28, 163-176.
Siegel, L. B. (2012). Fewer, richer, greener: The end of the population explosion and the future for investors. Financial Analysts Journal, 68(6), 20–37.
Singagerda, F., S., Septarina, L., & Sanusi, A. (2019). The volatility model of the ASEAN Stock Indexes. Investment Management and Financial Innovations, 16(1), 226-238.
United Nations Global Compact (UN Global Compact). (2013). Global corporate sustainability report.
Weber, O. (2014). The financial sector’s impact on sustainable development. Journal of Sustainable Finance & Investment, 4(1), 1–8.
World Commission on Environment and Development (WCED). (1987). The Brundtland Report: our common future, Oxford: Oxford University Press 43.
Xia, L., Monroe, K. B. & Cox, J. L. (2004). The price is unfair! A conceptual framework of price fairness perceptions. Journal of Marketing, 68(4), 1–15.
Zaglauer, K., & Bauer, D. (2008). Risk-neutral valuation of participating life insurance contracts in a stochastic interest rate environment. Insurance: Mathematics and Economics, 43(1), 29–40.
Zhang, W. (2015). Perceived Procedural Fairness in Deliberation: Predictors and Effects. Communication Research, 42(3), 345–364.
Adams, J. S. (1965). Inequity in social exchange. Advances in experimental social psychology, 2, 267-299, New York: Academic Press.
Andersson, O., & Haglund, E. (2015). Financial Econometrics: A Comparison of GARCH type Model Performances when Forecasting VaR. Bachelor of Science Thesis.
Artzner, P., Delbaen, F., Eber, J., & Heath, D. (1999). Coherent measure of risk. Mathematical Finance, 9(3), 203–228.
Avraham, R. (2017). Discrimination and Insurance. SSRN Scholarly Paper ID 3089946.
Barnard, C. R., Francis, K., Hussain, T., Jumanca, C., & Zhang, A. (2018). How can we improve the customers’ experience of our life products? British Actuarial Journal, 23.
Brealey, R. & Myers, S.C. (2000). Principles of Corporate Finance (McGraw-Hill: New York).
Cato, M. S. (2012). Green economics: putting the planet and politics back into economics. Cambridge Journal of Economics, 36(5), 1033–1049.
Chapman, D., & Cooper, C. (1987). Risk analysis for large projects: models, methods & cases. New York: John Wiley & Sons.
Chichilnisky, G. (2012). Economic theory and the global environment. Economic Theory, 49(2), 217–225.
Chong, M. L. (2015). The effects of nonfinancial performance measures on role clarity, procedural fairness and managerial performance. Pacific Accounting Review, 27(2), 142-165.
Cox, J. L. (2001). Can differential prices be fair?. Journal of Product and Brand Management, 50(5), 264–75.
Damelsson, J., Shin, H.S. and Zigrand, J.P. (2004). The impact of risk regulation on price dynamics. Journal of Banking and Finance, 25, 1069–1087.
Damodaran, A. (1999). Applied Corporate Finance: A User’s Manual (Wiley: New York).
Darnall, N., Henriques, I. & Sadorsky, P. (2010). Adopting proactive environmental strategy: The influence of stakeholders and firm size, Journal of Management Studies, 47, 1072-1094.
Dickson, D. C. M., M. R. Hardy, & H. R. Waters. (2013). Actuarial Mathematics for Life Contingent Risks. Cambridge University Press, 2 edn.
Diller, H. (2008). Price fairness. Journal of Product & Brand Management, 17(5), 353-355.
Doh, J. P. & Guay, T. R. (2006). Corporate social responsibility, public policy, and NGO activism in Europe and the United States: An institutional-stakeholder perspective, Journal of Management Studies, 43(1), 47-73.
Dowd, K. (2002). An Introduction to Market Risk Measurement. NJ: J. Wiley Hoboken.
Ferguson, J. L., Ellen, P. S. & Bearden, W. O. (2014). Procedural and distributive fairness: Determinants of overall price fairness. Journal of Business Ethics, 121, 217–231.
Financial Conduct Authority. (2018). Climate Change and Green Finance, Discussion Paper.
Foxon, T. J., Kohler, J., Michie, J. & Oughton, C. (2012). Towards a new complexity economics for sustainability. Cambridge Journal of Economics, 37(1), 187–208.
Freeman, R. E. (2010). Stakeholder theory. The state of the art, Cambridge: Cambridge University Press.
Friedman, M. (1962). Capitalism and freedom. Chicago: University of Chicago Press.
Friedman, M. (1970). The social responsibility of business is to increase its profits. New York Times Magazine, 32-33, 122, 124, 126.
Frynas, J. G. & Yamahaki, C. (2013). Corporate social responsibility: Review and roadmap of theoretical perspectives, Paper presented at the BAM2013 Conference Proceedings, Liverpool, England.
Gerard, B. (2018). ESG and Socially Responsible Investment: A Critical Review, SSRN Electronic Journal.
Goodwin, C. & Ross, I. (1992). Consumer responses to service failure: influence of procedural and interactional fairness perceptions, Journal of Business Research, 25(2), 149-163
Hallstedt, S. (2017). Sustainability criteria and sustainability compliance index for decision support in product development. Journal of Cleaner Production, 140, 251-266.
Hardy, M. (2006). An Introduction to Risk Measures for Actuarial Applications, Casualty Actuarial Society and the Society of Actuaries.
Heras, A., M., Teira, D., & Pradier, P., C. (2016). What was fair in actuarial fairness?, Documents de travail du Centre d'Economie de la Sorbonne 16073, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
Hira, T. K. (2012). Promoting sustainable financial behaviour: implications for education and research, International Journal of Consumer Studies, 36(5), 502–507.
Ho, S. S. M. & Pike, R. H. (1992). The use of risk analysis technique in capital investment appraisal. New York: John Wiley & Sons.
Jensen, M. (2011). Value Maximization, stakeholder theory and the corporate objective function. Journal of applied corporate finance, 14(3).
Kahneman, D., Knetsch, J. L., & Thaler, R. (1986). Fairness as a constraint on profit seeking: Entitlements in the market. The American Economic Review, 76(4), 728-741
Kallis, G. (2011). In defence of degrowth. Ecological Economics, 70(5), 873–880
Kamas, L., & Preston, A. (2012). Distributive and reciprocal fairness: What can we learn from the heterogeneity of social preferences?. Journal of Economic Psychology, 33(3), 538–553.
Kiron, D., Kruschwitz, N., Haanaes, K., Reeves, M. & Goh, E. (2013). The innovation bottom line: The benefit of sustainability-driven innovation. MIT Sloan Management Review and the Boston Consulting Group Research Paper, 54(2), 69–73.
Knight, F. H. (1985). Risk, uncertainty and profit. Chicago: University of Chicago press.
Kolk, A., & Pinkse, J. (2007). Towards strategic stakeholder management? Integrating perspectives on sustainability challenges such as corporate responses to climate change. Corporate Governance International Journal of Business Society, 7, 370-378.
Krawczyk, M., W. (2011). A model of procedural and distributive fairness. Theory and Decision, 70(1), 111–128.
Landes, X. (2015). How fair is actuarial fairness. Journal of Business Ethics, 128(3), 519-533.
Lee, M.-D. P. (2011). Configuration of external influences: The combined effects of institutions and stakeholders on corporate social responsibility strategies. Journal of Business Ethics, 102, 281-298.
Linnér, B.-O., & Selin, H. (2013). The United Nations Conference on Sustainable Development: Forty Years in the Making. Government and Policy, 31(6), 971–987.
Lucas, T. (2009). Justifying outcomes versus processes: Distributive and procedural justice beliefs as predictors of positive and negative affectivity. Current Psychology, 28(4), 249–265.
Lys, T., Naughton, J. & Wang, C. 2015, Signaling through corporate accountability reporting, Journal of Accounting and Economics, 60(1), 56–72
Mahayni, A. & Steuten, D. (2013). Deferred life annuities: on the combined effects of stochastic mortality and interest rates. Review of Managerial Science, 7(1), 1–28.
Maxwell, S. (2002). Rule-based price fairness, and its effect on willingness to purchase. Journal of Economic Psychology, 23(2), 191-212.
McKinsey. (2016). Harnessing the Power Of Digital in Life Insurance, Financial Service Practice report.
Montiel, I. & Delgado-Ceballos, J. (2014). Defining and measuring corporate sustainability: Are we there yet? Organization & Environment, Advance online publication.
Perez-Batres, L. A., Doh, J. P., Miller, V. & Pisani, M. J. (2012). Stakeholder pressures as determinants of CSR strategic choice: Why do firms choose symbolic versus substantive self-regulatory codes of conduct? Journal of Business Ethics, 110, 157-172.
Raftery, J. (1994). Risk analysis in project management, London: E&FN Spon.
Reisman, R., Payne, A. & Frow, P. (2019). Pricing in consumer digital markets: A dynamic framework, Australasian Marketing Journal (AMJ).
Rezaee, Z. (2015), Business sustainability research: A theoretical and integrated perspective. Journal of Accounting Literature, 36, 48-64.
Rezaee, Z., Zhen, K. & Ha, M. (2017). Progress Toward Business Sustainability in Asia in the Aftermath of 2015 Hong Kong Stock Exchange Requirements. International Journal of Sustainability Management and Information Technologies, 3(4), 40-45.
Rita, B. A., & Persson, S. (2002). Design and pricing of equity‐linked life insurance under stochastic interest rates. The Journal of Risk Finance, 3(2), 6–21.
Sardon, M. (2019). Financial Industry Leads the Way on Diversity and Inclusion, The Wall Street Journal Oct 26, 2019.
Sarkis, J., Gonzalez-Torre, P. & Adenso-Diaz, B. (2010). Stakeholder pressure and the adoption of environmental practices: The mediating effect of training. Journal of Operations Management, 28, 163-176.
Siegel, L. B. (2012). Fewer, richer, greener: The end of the population explosion and the future for investors. Financial Analysts Journal, 68(6), 20–37.
Singagerda, F., S., Septarina, L., & Sanusi, A. (2019). The volatility model of the ASEAN Stock Indexes. Investment Management and Financial Innovations, 16(1), 226-238.
United Nations Global Compact (UN Global Compact). (2013). Global corporate sustainability report.
Weber, O. (2014). The financial sector’s impact on sustainable development. Journal of Sustainable Finance & Investment, 4(1), 1–8.
World Commission on Environment and Development (WCED). (1987). The Brundtland Report: our common future, Oxford: Oxford University Press 43.
Xia, L., Monroe, K. B. & Cox, J. L. (2004). The price is unfair! A conceptual framework of price fairness perceptions. Journal of Marketing, 68(4), 1–15.
Zaglauer, K., & Bauer, D. (2008). Risk-neutral valuation of participating life insurance contracts in a stochastic interest rate environment. Insurance: Mathematics and Economics, 43(1), 29–40.
Zhang, W. (2015). Perceived Procedural Fairness in Deliberation: Predictors and Effects. Communication Research, 42(3), 345–364.