utility (depending on wealth and health), we show that the presence of a well-known (no ambiguity) additive risk of …In this paper, we analyze the choice of primary prevention made by individuals who bear a risk of being in bad health … ambiguity aversion increases prevention if the agent is a correlation lover (u12 > 0). We also show that full (partial …

In this paper, we examine whether a more ambiguity-averse individual will invest in more effort to shift her initial … ambiguity aversion will decrease (increase) the optimal effort when the cost of effort is non-monetary. When the cost of effort …

of beliefs (or ambiguity), imprecision of tastes (or multi-utility), and state dependence of utility. Examples include … phenomena, as well as state-dependent multi-utility generalisations of popular ambiguity models …Many decision situations involve two or more of the following divergences from subjective expected utility: imprecision …

probabilities on the new states. The agents in the economy are classified with respect to their attitude towards this Ambiguity: the … financiers are (locally) Ambiguity-seeking while the consumers are Ambiguity-averse. An entrepreneur and a financier come together … contracting problem does not fall within the standard theory due to the presence of Ambiguity (on the financier’s side) and to the …

probabilities on the new states. The agents in the economy are classified with respect to their attitude towards this Ambiguity: the … financiers are (locally) Ambiguity-seeking while the consumers are Ambiguity-averse. An entrepreneur and a financier come … contracting problem does not fall within the standard theory due to the presence of Ambiguity (on the financier’s side) and to the …

ambiguity concerning the probability of fire occurrence positively affects both insurance participation and coverage …In this article, we estimate the demand of French private forest owners for forest insurance against fire risk. For … consists in estimating both insurance participation and coverage-level decisions, while accounting for sample selection issues …

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 … increases WTPs for insurance. This result, which indicates that decision-makers are ambiguity averse, is in line with previous …

substitution between insurance and saving, to the case where prevention is considered too. …This work makes a joint analysis of prevention and saving decisions. First we determine the optimal levels of the two … effects on optimal saving and prevention of changes in exogenous present and future wealth and in possible future loss …

and economic policy. Yet, only a few studies have investigated the utility of health and wealth empirically. This paper …Tradeoffs between health and wealth are among the most important decisions individuals make, and are central to social … investigates this utility function both theoretically and empirically. We conduct detailed personal interviews with 180 cancer …