is influenced by other risk management strategies and that determinants of informal insurance differ from those of formal … can be used to self-insure, substituting for both formal and informal insurance. We investigate this question using a … remittances, which supports the idea that remittances act as (self-) insurance. We also show that purchasing formal funeral cover …

Whole life insurance plays an important role in household saving. However, empirical evidence on its determinants is … scarce. This paper studies two natural experiments to identify the effects of tax incentives and bequest motives on life-insurance … the demand for life insurance reacted strongly to this change. With regard to bequest motives, we analyze the demand for …

a richer risk attitude than that captured in the standard discounted expected utility model. I derive three models that … permit a more comprehensive risk evaluation. These preference representations differ regarding the consistency requirements …

A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price … stochastic optimal control (SOC)/dynamic risk management is a much more effective approach to determine the optimal degree of … leverage, the optimum and excessive risk and the probability of a debt crisis. The theoretically founded early warning signals …

Under conditions of risk it makes a difference whether the discount rate is determined as an expected present or as an …

leapfrogging in the social hierarchy. We test this theoretical prediction relying on household data that is representative for …