This work reviews recent developments in the literature analyzing precautionary saving.
After a description of traditional precautionary saving theory, which considers labor income …

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 …

Liquidity constraints create preferences over how insurance contracts move money across
both time and states because insurance can have a consumption-smoothing benefit. We …

Personal decisions about health hazards are the main cause of impaired health and
premature death. People smoke and eat too much, and they exercise too little. The lack of …

I provide new results on how risk preferences affect optimal prevention. I identify a
comparative risk aversion and a comparative downside risk aversion effect and highlight …

This study measures higher order risk preferences and their consistency. We explore the
role of country differences, the variation of stakes, and the framing of lotteries. We observe 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 …

Higher-order risk preferences are important determinants of economic behavior. We apply
insights from behavioral economics: we measure higher-order risk preferences for pure …

Using a unified approach, we show how precautionary saving, self-protection and self-
insurance are jointly determined by risk preferences and the preference over the timing of …

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 …