of the loss) and ambiguity averse (i.e., the mean WTP for insurance is on average higher for an ambiguous risk than for a … compensation schemes and ambiguity on insurance and self-insurance decisions. Consistent with theory, we find that government … the purchase of an insurance policy. Thirdly, we find that ambiguity, i.e., uncertainty about probability, significantly …

In the psychological and sociological framework of risk, we establish a static and dynamic equilibrium model for risk …-sharing institutional evolution. Particularly, through a comparative study of marine insurance development in China and Europe, we address a … wide set of research questions concerning why China and Europe relied on different social organizations for risk sharing. …