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Should we do more when we know less? The effect of technology risk on optimal effort
Recurso electrónico / Electronic resource
MARC record
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001  MAP20210028014
003  MAP
005  20210929171149.0
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100  ‎$0‎​MAPA20210032820‎$a‎​Li, Lu ‌
24510‎$a‎​Should we do more when we know less? The effect of technology risk on optimal effort‎$c‎​Lu Li, Richard Peter
520  ‎$a‎​Technology risk arises when the effectiveness of self-insurance and self-protection activities depends on exogenous factors or is only imperfectly known. It affects optimal behavior via a preference channel and a technology channel. In this paper, we identify conditions for unambiguous comparative statics with respect to the presence of, as well as various stochastic changes in technology risk. These conditions involve prudence, relative risk aversion, relative prudence, and several new measures of mitigation efficacy. We highlight cases where technology risk raises the optimal level of effort, consistent with the precautionary principle. We discuss several applications of our results.
650 4‎$0‎​MAPA20080587628‎$a‎​Riesgo tecnológico ‌
650 4‎$0‎​MAPA20080557515‎$a‎​Cibernética ‌
650 4‎$0‎​MAPA20160007633‎$a‎​Ciberriesgos ‌
650 4‎$0‎​MAPA20080553326‎$a‎​Autoseguro ‌
7730 ‎$w‎​MAP20077000727‎$t‎​The Journal of risk and insurance‎$d‎​Nueva York : The American Risk and Insurance Association, 1964-‎$x‎​0022-4367‎$g‎​01/09/2021 Volumen 88 Número 3 - septiembre 2021 , p. 695-725
856  ‎$y‎​MÁS INFORMACIÓN‎$u‎​mailto:centrodocumentacion@fundacionmapfre.org?subject=Consulta%20de%20una%20publicaci%C3%B3n%20&body=Necesito%20m%C3%A1s%20informaci%C3%B3n%20sobre%20este%20documento%3A%0A%0A%5Banote%20el%20titulo%20completo%20del%20documento%20del%20que%20desea%20informaci%C3%B3n%5D%0A%0AGracias