This chapter reviews the evolution in risk and insurance economics over the past 50 years,
first recalling the situation in 1973 and then presenting the developments and new …

Technological progress has improved insurers' ability to monitor policyholders and has led
to usage‐based insurance (UBI) contracts that incorporate behavioral risk factors in pricing …

This study investigates the effect of ambiguity on personal vaccination decisions. We first
characterize the vaccination decision in the absence of ambiguity. We then show that …

Rationale A theoretical model of optimal choice under risk, in which an individual chooses
the level of prevention to avoid a loss, has the ambiguous prediction that a higher risk-taking …

Technology risk arises when the effectiveness of self‐insurance and self‐protection activities
depends on exogenous factors or is only imperfectly known. It affects optimal behavior via a …

This study considers both an atemporal (one period) and an intertemporal (two period, with
savings) model to examine the effects of income and health on self-protection. We identify …

The author analyzes how risk preferences affect primary prevention for health risks using
Kihlstrom and Mirman (1974) transformation function approach. This ensures consistency of …

In this contribution to the longstanding risk theory debate on optimal self‐protection, we aim
to enrich the microeconomic modeling of self‐protection, in the wake of Ehrlich and Becker …

This chapter surveys the technical aspects of the self-protection problem in the expected
utility model. Self-protection is a costly investment to reduce the probability of loss. Even in …

Risk management decisions provide a means to elicit individuals' risk preferences
empirically. In such a context, the literature often presumes that the decision to invest in risk …