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Risk Aversion, Risk Behavior and Demand for Insurance: a survey

Author

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  • J. Francois Outreville

Abstract

Determinants of risk attitudes of individuals are of great interest in the growing area of behavioral economics that focuses on the individual attributes, psychological or otherwise, that shape common financial and investment practices. The purpose of this paper is to review the empirical literature on risk aversion (and risk behavior) with a particular focus on insurance demand or consumption. Empirical research on risk aversion may be categorized into two main areas, i.e. 1) the measurement and magnitude of risk aversion, 2) the empirical analysis of socio-demographic variables associated with risk aversion. The paper reviews this literature as well as empirical studies on the demand for insurance considering the use of variables associated with relative risk aversion.

Suggested Citation

  • J. Francois Outreville, 2013. "Risk Aversion, Risk Behavior and Demand for Insurance: a survey," ICER Working Papers 11-2013, ICER - International Centre for Economic Research.
    • Handle: RePEc:icr:wpicer:11-2013
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    File URL: http://www.bemservizi.unito.it/repec/icr/wp2013/ICERwp11-13.pdf
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    Citations

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    Cited by:

    1. Carole Treibich, 2015. "Are Survey Risk Aversion Measurements Adequate in a Low Income Context?," Working Papers halshs-01139222, HAL.
    2. Manik Ahuja & Hadii M. Mamudu & Florence M. Weierbach & Karilynn Dowling-McClay & David W. Stewart & Manul Awasthi & Timir K. Paul, 2021. "Perceptions of risk for COVID-19 among individuals with chronic diseases and stakeholders in Central Appalachia," Palgrave Communications, Palgrave Macmillan, vol. 8(1), pages 1-6, December.
    3. Patrick Opoku Asuming, 2023. "Risk attitudes and asset diversification: Evidence from Ghana," Journal of International Development, John Wiley & Sons, Ltd., vol. 35(5), pages 915-960, July.

    More about this item

    Keywords

    Risk aversion; Insurance demand; Education; Human development;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • D10 - Microeconomics - - Household Behavior - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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