Auto-assurance, assurance et risques naturels : Une application à la gestion forestière
AbstractIn this paper, we study the optimal self-insurance or insurance activities for a private forest owner against natural hazards. The specificities of natural risks, especially in forest, make indispensable to adjust the standard models of self-insurance and insurance. We develop such a model in which the number of the states of nature is finite and loss is multiplicative. We analyse the optimal choices of self-insurance and insurance that are different in this framework compared to the standard one. We show that some comparative statics results are ambiguous. We then examine the implication of a public disaster relief program on the optimal coverage decisions. We find that public intervention desincites the private forest owner to self-insure or to insure against natural hazards.
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Bibliographic InfoPaper provided by Laboratoire d'Economie Forestiere, AgroParisTech-INRA in its series Working Papers - Cahiers du LEF with number 2006-02.
Length: 24 pages
Date of creation: Mar 2006
Date of revision:
Publication status: Published in Review of Agricultural and Environmental Studies, pages 57-78
Self-insurance; natural risks;
Find related papers by JEL classification:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
- Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry
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