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Changes in Background Risk and the Demand for Insurance

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Author Info
Donald J. Meyer () (Department of Economics, Western Michigan University, Kalamazoo MI 49008.)
Jack Meyer () (Department of Economics, Michigan State University, East Lansing MI 48824.)

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Abstract

The demand for insurance against loss from a particular risky asset is likely to depend on other risks the decision-maker faces. For independently distributed other risks, referred to as background risk, Eeckhoudt and Kimball [1992] determine the effect on insurance demand of introducing background risk. Recently, Eeckhoudt, Gollier, and Schlesinger [1996] determine conditions on preferences such that first- and second-degree stochastic deteriorations in background risk lead to a decrease in the decision-maker's willingness to accept other risks. These results, although formulated in a general decision model, also apply to insurance demand. This article continues analysis of this question by determining the effect on insurance demand of several other general changes in background risk. The Geneva Papers on Risk and Insurance Theory (1998) 23, 29–40. doi:10.1023/A:1008625829817

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Article provided by Palgrave Macmillan Journals in its journal The Geneva Papers on Risk and Insurance Theory.

Volume (Year): 23 (1998)
Issue (Month): 1 (June)
Pages: 29-40
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Handle: RePEc:pal:genrir:v:23:y:1998:i:1:p:29-40

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  1. Günter Franke & Richard C. Stapleton & Marti G. Subrahmanyam, 2005. "Incremental Risk Vulnerability," CoFE Discussion Paper 05-08, Center of Finance and Econometrics, University of Konstanz. [Downloadable!]
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