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Self-Protection, Information and the Precautionary Principle

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Author Info
Giovanni Immordino ([1] Gremaq, Université de Toulouse [2] CSEF, University of Salerno, V. Ponte Don Melillo 80084 Fisciano, Italy)

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Abstract

In this paper we examine the effect of information on investment in self-protection. We show that the relationship between more information and investment in self-protection is ambiguous in general. If absolute risk aversion is constant, then investment in self-protection always decreases with a better information structure. We show that if we interpret the Precautionary Principle as requiring more self-protection today, it is difficult to accept it on the grounds of efficiency, except for a particular subset of information structures. The Geneva Papers on Risk and Insurance Theory (2000) 25, 179–187. doi:10.1023/A:1008770530165

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

Volume (Year): 25 (2000)
Issue (Month): 2 (December)
Pages: 179-187
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Handle: RePEc:pal:genrir:v:25:y:2000:i:2:p:179-187

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  1. Fidel Gonzalez, 2008. "Precautionary Principle and Robustness for a Stock Pollutant with Multiplicative Risk," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 41(1), pages 25-46, September. [Downloadable!] (restricted)
  2. Ozlem Ozdemir, 2007. "Valuation of Self-Insurance and Self-Protection under Ambiguity: Experimental Evidence," Jena Economic Research Papers in Economics 2007-034, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics. [Downloadable!]
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