Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/195852 
Year of Publication: 
2018
Citation: 
[Journal:] Risks [ISSN:] 2227-9091 [Volume:] 6 [Issue:] 2 [Publisher:] MDPI [Place:] Basel [Year:] 2018 [Pages:] 1-19
Publisher: 
MDPI, Basel
Abstract: 
In this paper we analyze insurance demand when the utility function depends both upon final wealth and the level of losses or gains relative to a reference point. Besides some comparative statics results, we discuss the links with first-order risk aversion, with the Omega measure, and with a tendency to over-insure modest risks that has been been extensively documented in real insurance markets.
Subjects: 
first-order risk aversion
stochastic dominance
insurance
expected utility
Persistent Identifier of the first edition: 
Creative Commons License: 
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Document Type: 
Article
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