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Risk Aversion and Self-Insurance-cum-Protection

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  • Lee, Kangoh

Abstract

Self-insurance and self-protection have been discussed separately in the literature. However, as observed in practice, many actions individuals take to modify a potential loss serve both as self-insurance and as self-protection. Given this practical importance of self-insurance-cum-protection activities, this paper examines the effect of increased risk aversion on such activities. The analysis shows that the effect depends in part on the shape of the loss function and that of the probability function. Copyright 1998 by Kluwer Academic Publishers

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  • Lee, Kangoh, 1998. "Risk Aversion and Self-Insurance-cum-Protection," Journal of Risk and Uncertainty, Springer, vol. 17(2), pages 139-150, November.
    • Handle: RePEc:kap:jrisku:v:17:y:1998:i:2:p:139-50
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