More on Insurance, Protection, and Risk
In a Previous Article (1983), We Indicated That Three Factors Affect the Individual's Choice of Self-Protection Activities, Self-Insurance Activities and Market Insurance: 1- Their Efficiency in Reducing Expected Loss 2- Their Relative Cost 3- and Their Relative Impact on Risk We Proposed a Methodology to Analyse the 'Risk Factor' Involved in Those Choices. Our Results Were Criticized by Chang and Ehrlich (1985). the Object of This Paper Is to Show That the Analyses in Both Articles Are Complementary Instead of Being Conflicting. the Main Difference Between Our Article and Chang and Ehrlich's Article Is That We Focussed Our Analysis on Isolating the Risk Factor by Controlling for the Other Factors While Chang and Ehrlich Did Not Isolate Explicitly Any Factor in Their Analysis of the Relationships Between Self-Insurance Self-Protection and Market Insurance As Chosen by a Risk Averse Individual.
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Volume (Year): 22 (1989)
Issue (Month): 1 (February)
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