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Risk Aversion, Loss Aversion, and the Demand for Insurance

Archive ouverte : Article de revue

Eeckhoudt, Louis | Fiori, Anna | Rosazza Gianin, Emanuela

Edité par HAL CCSD ; MDPI

International audience. In this paper we analyze insurance demand when the utility function depends both upon final wealth and the level of losses or gains relative to a reference point. Besides some comparative statics results, we discuss the links with first-order risk aversion, with the Omega measure, and with a tendency to over-insure modest risks that has been been extensively documented in real insurance markets.

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