Expected utility functions are limited to second-order (conditional) risk aversion, while non-expected utility … functions can exhibit either first-order or second-order (conditional) risk aversion. We extend the concept of orders of … conditional risk aversion to orders of conditional dependent risk aversion. We show that first-order conditional dependent risk …

This paper studies comparative risk aversion between risk averse agents in the presence of a background risk. Our … contribution differs from most of the literature in two respects. First, background risk does not need to be additive or … decreasing. We show that our order of cross Ross risk aversion is equivalent to the order of partial risk premium, while our …

contributions in insurance economics since that time. The review begins with the role of utility, risk, and risk aversion in the …

Expected utility functions are limited to second-order (conditional) risk aversion, while non-expected utility … functions can exhibit either first-order or second-order (conditional) risk aversion. We extend the concept of orders of … conditional risk aversion to orders of conditional dependent risk aversion. We show that first-order conditional dependent risk …

The study of risk management began after World War II. Risk management has long been associated with the use of market … insurance to protect individuals and companies from various losses associated with accidents. Other forms of risk management … protection against pure risk. The use of derivatives as risk management instruments arose during the 1970s, and expanded rapidly …