This paper studies the effect of increased risk aversion on self-insurance and self-protection in a two …-period framework. Here risk management incentives and consumption smoothing incentives are traded off, and the monotonic relationship … between self-insurance and risk aversion may no longer hold as more risk-averse agents cannot always afford spending more on …

) the comparison of the degree of risk aversion for consumption and for LTC expenditures, and (iii) the income level of …

In this paper the analysis of the collective risk model assuming Erlang loss, when the claim frequency follows the …

of unobserved heterogeneity requires a richer structure for risk classification. Our results show that the data consist …