More on Insurance, Protection, and Risk
AbstractIn a Previous Article (1983), We Indicated That Three Factors Affect the Individual's Choice of Self-Protection Activities, Self-Insurance Activities and Market Insurance: 1- Their Efficiency in Reducing Expected Loss 2- Their Relative Cost 3- and Their Relative Impact on Risk We Proposed a Methodology to Analyse the 'Risk Factor' Involved in Those Choices. Our Results Were Criticized by Chang and Ehrlich (1985). the Object of This Paper Is to Show That the Analyses in Both Articles Are Complementary Instead of Being Conflicting. the Main Difference Between Our Article and Chang and Ehrlich's Article Is That We Focussed Our Analysis on Isolating the Risk Factor by Controlling for the Other Factors While Chang and Ehrlich Did Not Isolate Explicitly Any Factor in Their Analysis of the Relationships Between Self-Insurance Self-Protection and Market Insurance As Chosen by a Risk Averse Individual.
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Bibliographic InfoArticle provided by Canadian Economics Association in its journal Canadian Journal of Economics.
Volume (Year): 22 (1989)
Issue (Month): 1 (February)
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Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4
Web page: http://economics.ca/cje/
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Other versions of this item:
- Boyer, M. & Dionne, G., 1988. "More On Insurance, Protection And Risk," Cahiers de recherche 8806, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- Boyer, M. & Dionne, G., 1988. "More on Insurance, Protection and Risk," Cahiers de recherche 8806, Universite de Montreal, Departement de sciences economiques.
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- Machina, Mark J, 2000. "Payoff Kinks in Preferences Over Lotteries," University of California at San Diego, Economics Working Paper Series qt7vn7d2hs, Department of Economics, UC San Diego.
- Christophe Courbage & Béatrice Rey, 2006. "Prudence and optimal prevention for health risks," Health Economics, John Wiley & Sons, Ltd., vol. 15(12), pages 1323-1327.
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