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A Note on Optimal Insurance in the presence of a Nonpecuniary Background Risk

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  • Béatrice Rey
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    File URL: http://hdl.handle.net/10.1023/A:1025043301370
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    Bibliographic Info

    Article provided by Springer in its journal Theory and Decision.

    Volume (Year): 54 (2003)
    Issue (Month): 1 (February)
    Pages: 73-83

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    Handle: RePEc:kap:theord:v:54:y:2003:i:1:p:73-83

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    Web page: http://www.springerlink.com/link.asp?id=100341

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    Keywords: Cross derivatives; Correlated risks; Insurance; Multivariate utility;

    References

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    1. Viscusi, W Kip & Evans, William N, 1990. "Utility Functions That Depend on Health Status: Estimates and Economic Implications," American Economic Review, American Economic Association, vol. 80(3), pages 353-74, June.
    2. Robert Eisner & Robert H. Strotz, 1961. "Flight Insurance and the Theory of Choice," Journal of Political Economy, University of Chicago Press, vol. 69, pages 355.
    3. Sloan, Frank A. & Kip Viscusi, W. & Chesson, Harrell W. & Conover, Christopher J. & Whetten-Goldstein, Kathryn, 1998. "Alternative approaches to valuing intangible health losses: the evidence for multiple sclerosis1," Journal of Health Economics, Elsevier, vol. 17(4), pages 475-497, August.
    4. Arthur Hau, 1999. "A Note on Insurance Coverage in Incomplete Markets," Southern Economic Journal, Southern Economic Association, vol. 66(2), pages 433-441, October.
    5. Doherty, Neil A & Schlesinger, Harris, 1983. "The Optimal Deductible for an Insurance Policy When Initial Wealth Is Random," The Journal of Business, University of Chicago Press, vol. 56(4), pages 555-65, October.
    6. Doherty, Neil A & Schlesinger, Harris, 1983. "Optimal Insurance in Incomplete Markets," Journal of Political Economy, University of Chicago Press, vol. 91(6), pages 1045-54, December.
    7. Eeckhoudt, Louis R & Hammitt, James K, 2001. " Background Risks and the Value of a Statistical Life," Journal of Risk and Uncertainty, Springer, vol. 23(3), pages 261-79, November.
    8. Cook, Philip J & Graham, Daniel A, 1977. "The Demand for Insurance and Protection: The Case of Irreplaceable Commodities," The Quarterly Journal of Economics, MIT Press, vol. 91(1), pages 143-56, February.
    9. Raviv, Artur, 1979. "The Design of an Optimal Insurance Policy," American Economic Review, American Economic Association, vol. 69(1), pages 84-96, March.
    10. Doherty, Neil A & Schlesinger, Harris, 1990. "Rational Insurance Purchasing: Consideration of Contract Nonperformance," The Quarterly Journal of Economics, MIT Press, vol. 105(1), pages 243-53, February.
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    Cited by:
    1. Kangoh Lee, 2012. "Uncertain indemnity and the demand for insurance," Theory and Decision, Springer, vol. 73(2), pages 249-265, August.
    2. Christophe Courbage & David Crainich, 2012. "More on the optimal demand for long-term care insurance," Working Papers 2012-ECO-17, IESEG School of Management.
    3. Alary, David & Bien, Franck, 2005. "Adverse selection in health insurance : are first best contracts impossible," Economics Papers from University Paris Dauphine 123456789/5961, Paris Dauphine University.
    4. Christophe Courbage & Béatrice Rey, 2007. "Precautionary saving in the presence of other risks," Economic Theory, Springer, vol. 32(2), pages 417-424, August.
    5. Mohamed Anouar Razgallah, 2005. "The demand for health insurance in a multirisk context," Working Papers 0504, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure.
    6. Courbage, Christophe & Rey, Béatrice, 2012. "Optimal prevention and other risks in a two-period model," Mathematical Social Sciences, Elsevier, vol. 63(3), pages 213-217.
    7. Li, Jingyuan, 2011. "The demand for a risky asset in the presence of a background risk," Journal of Economic Theory, Elsevier, vol. 146(1), pages 372-391, January.
    8. Bardey, David & Lesur, Romain, 2005. "Optimal health insurance contract: Is a deductible useful?," Economics Letters, Elsevier, vol. 87(3), pages 313-317, June.

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