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Comparative risk aversion in two periods: An application to self-insurance and self-protection

Comparative risk aversion in two periods: An application to self-insurance and self-protection
Recurso electrónico / Electronic resource
Registro MARC
Tag12Valor
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040  ‎$a‎MAP‎$b‎spa‎$d‎MAP
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1001 ‎$0‎MAPA20220001601‎$a‎Huber, Tobias
24510‎$a‎Comparative risk aversion in two periods: An application to self-insurance and self-protection‎$c‎Tobias Huber
520  ‎$a‎Risk management decisions provide a means to elicit individuals' risk preferences empirically. In such a context, the literature often presumes that the decision to invest in risk management and the benefit of this investment occur contemporaneously. There is, however, no consensus in the theoretical literature that one-period results can be transferred to intertemporal settings. To address this gap, we study the effect of an increase in risk aversion on the demand for risk management in a two-period context. Our findings reproduce the one-period results and, thus, support the focus of previous empirical literature on the structure of the risk rather than on the timing of investments and benefits. We also contrast our results with those obtained by employing widely used but limited preferences to examine risk aversion in intertemporal settings (standard additive expected utility setting, Selden, Epstein and Zin).
540  ‎$a‎La copia digital se distribuye bajo licencia "Attribution 4.0 International (CC BY NC ND 4.0)"‎$f‎‎$u‎https://creativecommons.org/licenses/by-nc-nd/4.0‎$9‎66
650 4‎$0‎MAPA20080591182‎$a‎Gerencia de riesgos
650 4‎$0‎MAPA20080568016‎$a‎Autoprotección
650 4‎$0‎MAPA20080588953‎$a‎Análisis de riesgos
7730 ‎$w‎MAP20077000727‎$g‎07/02/2022 Volumen 89 Número 1 - febrero 2022 , p. 97-130‎$x‎0022-4367‎$t‎The Journal of risk and insurance‎$d‎Nueva York : The American Risk and Insurance Association, 1964-
856  ‎$q‎application/pdf‎$w‎1114015‎$y‎Recurso electrónico / Electronic resource