Self-insurance, self-protection, and saving : on consumption smoothing and risk management

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<dc:creator>Hofmann, Annette</dc:creator>
<dc:creator>Peter, Richard</dc:creator>
<dc:date>2016-09-05</dc:date>
<dc:description xml:lang="es">Sumario: This article studies the effect of risk preferences on self-insurance and selfprotection in a two-period expected utility framework. Here the investment to reduce risk precedes its effect. In contrast to single-period models, selfinsurance and self-protection react similarly when the agent's utility function becomes more concave. Effort is increased if and only if current consumption is sufficiently large. However, if we introduce endogenous saving, an agent with more concave utility always selects more self-insurance, but will select more self-protection if and only if the probability of loss is small enough. These latter results concur with those in standard monoperiodic models with no saving.</dc:description>
<dc:identifier>https://documentacion.fundacionmapfre.org/documentacion/publico/es/bib/157537.do</dc:identifier>
<dc:language>eng</dc:language>
<dc:rights xml:lang="es">InC - http://rightsstatements.org/vocab/InC/1.0/</dc:rights>
<dc:subject xml:lang="es">Gerencia de riesgos</dc:subject>
<dc:subject xml:lang="es">Autoseguro</dc:subject>
<dc:subject xml:lang="es">Autoprotección</dc:subject>
<dc:subject xml:lang="es">Ahorro</dc:subject>
<dc:subject xml:lang="es">Modelos de planificación</dc:subject>
<dc:type xml:lang="es">Artículos y capítulos</dc:type>
<dc:title xml:lang="es">Self-insurance, self-protection, and saving : on consumption smoothing and risk management</dc:title>
<dc:relation xml:lang="es">En: The Journal of risk and insurance. - Nueva York : The American Risk and Insurance Association, 1964- = ISSN 0022-4367. - 05/09/2016 Volumen 83 Número 3 - septiembre 2016 , p. 719-734</dc:relation>
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