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Optimal prevention for multiple risks

Recurso electrónico / Electronic resource
Registro MARC
Tag12Valor
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001  MAP20170028796
003  MAP
005  20170907113944.0
008  170904e20170904usa|||p |0|||b|eng d
040  ‎$a‎MAP‎$b‎spa‎$d‎MAP
084  ‎$a‎7
1001 ‎$0‎MAPA20080261726‎$a‎Courbage, Christophe
24510‎$a‎Optimal prevention for multiple risks‎$c‎Christophe Courbage, Henri Loubergé, Richard Peter
300  ‎$a‎24 p.
520  ‎$a‎This article analyzes optimal prevention in a situation of multiple, possibly correlated risks. We focus on probability reduction (self-protection) so that correlation becomes endogenous. If prevention expenditures may be invested for both risks, a substitution effect arises. Under nonincreasing returns on self-protection, we find that increased dependance increases aggregate prevention expenditures, but not necessarily prevention expenditures for each risk due to differences in prevention efficiency. Similar results are found when considering changes in the severity of losses. Consequently, the comparative statics emphasize global effects versus allocation effects. Our results have strong policy implications, considering the numerous mandatory safety measures introduced by governments over the past years.
650 4‎$0‎MAPA20080591182‎$a‎Gerencia de riesgos
650 4‎$0‎MAPA20080568016‎$a‎Autoprotección
650 4‎$0‎MAPA20080598631‎$a‎Reducción de riesgos
7001 ‎$0‎MAPA20080139247‎$a‎Loubergé, Henri
700  ‎$0‎MAPA20160007701‎$a‎Peter, Richard
7730 ‎$w‎MAP20077000727‎$t‎The Journal of risk and insurance‎$d‎Nueva York : The American Risk and Insurance Association, 1964-‎$x‎0022-4367‎$g‎04/09/2017 Volumen 84 Número 3 - septiembre 2017 , p. 899-922