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Arrow's theorem on the optimality of deductibles: A stochastic dominance approach (*)

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  • Christian Gollier
  • Harris Schlesinger

Abstract

We provide a new proof for the optimality of deductible insurance that does not depend on the expected-utility hypothesis. Our model uses only first- and second-degree stochastic dominance arguments.

Suggested Citation

  • Christian Gollier & Harris Schlesinger, 1996. "Arrow's theorem on the optimality of deductibles: A stochastic dominance approach (*)," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(2), pages 359-363.
  • Handle: RePEc:spr:joecth:v:7:y:1996:i:2:p:359-363
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