Kinked utility and the demand for human wealth and liability insurance
AbstractThe paper advances the hypothesis that the âgross wealthâ von Neumann/Morgenstern utility function is characterized by a horizontal branch for wealth levels below the socially guaranteed minimum wealth and analyses the implications of this property for human wealth and liability insurance. It turns out that the attractiveness of these kinds of insurance might, even for risk-averse people, be too low to satisfy the premium requirements of private insurance companies.
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Bibliographic InfoArticle provided by Elsevier in its journal European Economic Review.
Volume (Year): 17 (1982)
Issue (Month): 2 ()
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Web page: http://www.elsevier.com/locate/eer
Other versions of this item:
- Sinn, Hans-Werner, 1982. "Kinked utility and the demand for human wealth and liability insurance," Munich Reprints in Economics 19909, University of Munich, Department of Economics.
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- Hans-Werner Sinn, 2002.
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- Jakob Eberl & Darko Jus, 2012. "Evaluating policies to attain the optimal exposure to nuclear risk," RSCAS Working Papers 2012/50, European University Institute.
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- Eberl, Jakob & Jus, Darko, 2012. "The year of the cat: Taxing nuclear risk with the help of capital markets," Energy Policy, Elsevier, vol. 51(C), pages 364-373.
- M. Martin Boyer & Jörg Schiller, 2003. "Merging Automobile Insurance Regulatory Bodies: The Case of Atlantic Canada," CIRANO Working Papers 2003s-70, CIRANO.
- Joachim Ragnitz & Marcel Thum, 2013. "Pflichtversicherung gegen Flutschäden?," ifo Dresden berichtet, Ifo Institute for Economic Research at the University of Munich, vol. 20(05), pages 33-35, October.
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