首页> 外文期刊>The journal of risk and insurance >Optimal Prevention for Multiple Risks
【24h】

Optimal Prevention for Multiple Risks

机译:多重风险的最佳预防

获取原文
获取原文并翻译 | 示例
       

摘要

This article analyzes optimal prevention in a situation of multiple, possibly correlated risks. We focus on probability reduction (self-protection) so that correlation becomes endogenous. If prevention concerns only one risk, introducing a second exogenous risk increases the level of prevention expenditures, even if correlation is negative. If prevention expenditures may be invested for both risks, a substitution effect arises. Under nonincreasing returns on self-protection, we find that increased dependence increases aggregate prevention expenditures, but not necessarily prevention expenditures for each risk due to differences in prevention efficiency. Similar results are found when considering changes in the severity of losses. Consequently, the comparative statics emphasize global effects versus allocation effects. Our results have strong policy implications, considering the numerous mandatory safety measures introduced by governments over the past years.
机译:本文分析了可能存在多个相关风险的情况下的最佳预防措施。我们专注于降低概率(自我保护),以便相关性成为内生的。如果预防只涉及一种风险,那么即使相关性为负,引入第二种外生风险也会增加预防支出的水平。如果可以将预防支出用于两种风险,则会产生替代效果。在自我保护收益不增加的情况下,我们发现依赖增加会增加总的预防支出,但由于预防效率的差异,不一定会为每种风险增加预防支出。当考虑损失严重性的变化时,发现类似的结果。因此,比较静态强调整体效应与分配效应。考虑到政府在过去几年中采取的众多强制性安全措施,我们的结果具有强烈的政策含义。

著录项

  • 来源
    《The journal of risk and insurance》 |2017年第3期|899-922|共24页
  • 作者单位

    Univ Appl Sci Western Switzerland HES SO, Geneva Assoc, Geneva, Switzerland|Univ Appl Sci Western Switzerland HES SO, Haute Ecole Gest Geneve, Geneva, Switzerland;

    Univ Geneva, Geneva, Switzerland|Swiss Finance Inst, Zurich, Switzerland;

    Univ Iowa, Dept Finance, Henry B Tippie Coll Business, Iowa City, IA 52242 USA;

  • 收录信息
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱:kefu@zhangqiaokeyan.com

京公网安备:11010802029741号 ICP备案号:京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有
  • 客服微信

  • 服务号