parameterizations much closer to 1/2 than to 0. Previous studies have argued that granting insurers market power may incentivize them to …

variable is the particular decision stage at which a global risk is resolved: (i) before the investment decision; (ii) after … the investment decision, but before the resolution of the decision risk; (iii) after the resolution of the decision risk …From the viewpoint of the independence axiom of expected utility theory, an interesting empirical dynamic choice …

The common view that buyer power of insurers may effectively counteract provider market power critically rests on the … markets with small initial loss sizes, insurers may try to raise these in order to create demand for insurance. After having … defined insurance and non-insurance markets based on the initial loss size, we develop theory to show that insurers with buyer …

We show that if an agent is uncertain about the precise form of his utility function, his actual relative risk aversion … may depend on wealth even if he knows his utility function lies in the class of constant relative risk aversion (CRRA … their risk aversion parameter invest less in risky assets than wealthy investors with identical risk aversion uncertainty. …

This experimental study is concerned with the impact of the timing of the resolution of risk onpeople's willingness to … inferred from decisions regarding hypothetical choiceproblems, we had participants put their own money at risk in a real … investment task. Moreover,emotions were explicitly measured, including anticipatory emotions experienced during the waitingperiod …

This paper presents a new axiomatic characterization of risk measures that are additive for independent random … variables. In contrast to previous work, we include an axiom that guarantees monotonicity of the risk measure. Furthermore, the …. The risk measure characterized can be regarded as a mixed exponential premium. …

-free and are relevant to many fields encountering catastrophic risk analysis, such as, perhaps most noticeably, insurance and … risk management. …

This paper applies the dichotomous theory of choice by Zou (2000a) tothe analysis of investmentstrategies and security … markets. Issues concerning individualoptimality, (approximate) arbitrage,capital market equilibrium, and Pareto efficiency are … studied undervarious market conditions. Among the main results area unique dichotomous pricing model,unifying and generalizing …

This paper investigates the contribution of private and public channels for consumption risk sharing in the EMU over … estimating how risk sharing has evolved since the start of the EMU, and in particular during the recent crisis. Our results … debt seem to be more effective than cross-border bank loans in isolating households from country-specific shocks, therefore …

strongest driver of this effect. Jointly, these results support the notion that attention has a causal impact on risky choice …. Moreover, our results underline the moderating role of impulsiveness on the relationship between attention and choice. …