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Loss Modification Incentives for Insurers under Expected Utility and Loss Aversion
Soetevent, Adriaan R.; Zhou, Liting - Tinbergen Instituut - 2014
Given the possibility to modify the probability of a loss, will a profit-maximizing insurer engage in loss prevention or is it in his interest to increase the loss probability? This paper investigates this question. First, we calculate the expected profit maximizing loss probability within an...
Persistent link: https://www.econbiz.de/10011256470
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Risk, Balanced Skills and Entrepreneurship
Hsieh, Chihmao; Parker, Simon C.; Praag, C. Mirjam van - Tinbergen Instituut - 2011
This paper proposes that risk aversion encourages individuals to invest in balancedskill profiles, making them more … the impactsboth of risk aversion and balanced skills on the likelihood individuals chooseentrepreneurship. Data on Dutch … university graduates provides evidence which supportsthis contention. It thereby raises the possibility that even risk …
Persistent link: https://www.econbiz.de/10011255496
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A Dynamic Utility Maximization Model for Product Category Consumption
Oest, Rutger van; Franses, Philip Hans; Paap, Richard - Tinbergen Instituut - 2002
It is conceivable that the "whether to buy" and "how much tobuy" decisions in the purchasing process of households areinfluenced by the inventory process. In this paper we thereforeput forward a model for consumption, where we rely on establishedeconomic theory. We incorporate this model in a...
Persistent link: https://www.econbiz.de/10011255825
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Social Network Effects and Green Consumerism
Hauck, Dominic; Ansink, Erik; Bouma, Jetske; Soest, Daan van - Tinbergen Instituut - 2014
One of the drivers of green consumerism are social network externalities that are associated with buying 'green' because green consumerism is fashionable, or because of reputation effects. We analyze how the strength of this social network effect impacts green consumerism, environmental...
Persistent link: https://www.econbiz.de/10011255880
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How Consumers use Gift Certificates
Felso, Flora; Soetevent, Adriaan R. - Tinbergen Instituut - 2012
This discussion paper resulted in the article Broad and Narrow Bracketing in Gift Certificate Spending in the 'European Economic Review' (2014). Volume 66, pages 284-302.<P> We survey 1,050 consumers who have just redeemed one or more open loop gift certicates to learn whether they view gift...</p>
Persistent link: https://www.econbiz.de/10011256075
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Environmental Damage and Price Taking Behaviour by Firms and Consumers
Houba, Harold; Kremers, Hans - Tinbergen Instituut - 2009
Integrated assessment models lack a microeconomic foundation in modelling environmental damages to the economy. To overcome this, damage coefficients are incorporated in standard microeconomic models. Firms and consumers take both damages and prices as given. Demand, supply, profit and...
Persistent link: https://www.econbiz.de/10011256264
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A Joint Framework for Category Purchase and Consumption Behavior
Oest, Rutger van; Paap, Richard; Franses, Philip Hans - Tinbergen Instituut - 2002
We propose a consistent utility-based framework to jointly explain a household's decisions on purchase incidence, brand choice and purchase quantity. The approach differs from other approaches, currently available in the literature, as it is able to take into account consumption dynamics. In the...
Persistent link: https://www.econbiz.de/10011256387
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Risk and Savings: a Taxonomy
Gunning, Jan Willem - Tinbergen Instituut - 2008
Risk may induce precautionary saving but it can also reduce saving. The theoretical literature recognizes both …-period model how the effect of risk on savings depends not only on preferences but also on the type of risk. …
Persistent link: https://www.econbiz.de/10011256937
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Optimal Search with Costly Recall
Janssen, Maarten C.W.; Parakhonyak, Alexei - Tinbergen Instituut - 2007
This paper builds a consumer search model where the cost of going back to stores already searched is explicitly taken into account. We show that the optimal search rule under costly recall is very different from the optimal search rule under perfect recall. Under costly recall, the optimal...
Persistent link: https://www.econbiz.de/10011257200
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Price and Income Elasticities of Residential Water Demand: Why Empirical Estimates differ
Dalhuisen, Jasper M.; Florax, Raymond J.G.M.; Groot, … - Tinbergen Instituut - 2001
This paper presents a meta-analysis of variations in price and income elasticities of residential water demand.Information on the determinants of consumer demand is of pivotal importance for the efficiency and efficacy ofpublic and private policy-making. It is also crucial for effective water...
Persistent link: https://www.econbiz.de/10011257434