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Self-Insurance, Self-Protection and Market Insurance within the Dual Theory of Choice

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  • Christophe Courbage

    (Lombard Odier & Cie, Geneva, Switzerland)

Abstract

As demonstrated by Ehrlich and Becker [1972], Expected Utility Theory predicts that market insurance and self-insurance are substitutes, whilst surprisingly, market insurance and self-protection could be complements. This article examines the robustness of this conclusion, as well as its extensions under the Dual Theory of Choice [Yaari, 1987]. In particular, the non-reliability of self-insurance activities, background risk and asymmetric information are considered. The Geneva Papers on Risk and Insurance Theory (2001) 26, 43–56. doi:10.1023/A:1011212324117

Suggested Citation

  • Christophe Courbage, 2001. "Self-Insurance, Self-Protection and Market Insurance within the Dual Theory of Choice," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 26(1), pages 43-56, June.
    • Handle: RePEc:pal:genrir:v:26:y:2001:i:1:p:43-56
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