Self-Insurance and Self-Protection: A Nonexpected Utility Analysis
This paper studies the comparative statics of self-insurance and self-protection for individuals with rank-dependent expected utility preferences. In particular, proportional wealth risks, background risk, and limited liability are considered. Limited liability has a major impact on self-insurance and self-protection. It can reverse seemingly robust comparative static results for the case of self-insurance and can eliminate some puzzling ambiguities for the case of self-protection. The Geneva Papers on Risk and Insurance Theory (1993) 18, 131–146. doi:10.1007/BF01111466
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Volume (Year): 18 (1993)
Issue (Month): 2 (December)
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