A MICROECONOMETRIC ANALYSIS OF RISK-AVERSION AND THE DECISION TO SELF-INSURE
A MICROECONOMETRIC ANALYSIS OF RISK-AVERSION AND THE DECISION TO SELF-INSURE
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DOI：
10.1086/261925
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发表时间：
1994-02-01
影响因子：
8.2
通讯作者：
DUBIN, JA
中科院分区：
文献类型：
--
作者：
CICCHETTI, CJ;DUBIN, JA
本研究利用市场数据和微观计量方法估计了冯·诺伊曼-摩根斯特恩效用函数。我们调查了是否购买家庭电话线故障风险保险的决定。利用大约10,000个住宅客户的选择，我们确定了效用函数的形状和风险厌恶程度。我们发现风险厌恶在人群中有系统的变化，并随着收入水平的变化而变化，观察到的选择行为与期望效用最大化是一致的。
This study estimates a von Neumann-Morgenstern utility function using market data and microeconometric methods. We investigate the decision whether to purchase insurance against the risk of telephone line trouble in the home. Using the choices of approximately 10,000 residential customers, we determine the shape of the utility function and the degree of risk aversion. We find that risk aversion varies systematically in the population and varies with the level of income and that the observed choice behavior is consistent with expected utility maximization.