Sharing ambiguous risks

被引：2
|
作者：
Chakravarty, Surajeet [1 ]
Kelsey, David [1 ]
机构：
[1] Univ Exeter, Dept Econ, Exeter EX4 4PU, Devon, England
来源：
JOURNAL OF MATHEMATICAL ECONOMICS | 2015年 / 56卷
关键词：
Ambiguity; Risk-sharing; Choquet expected utility; Act of God; EXPECTED-UTILITY; UNCERTAINTY AVERSION; NONADDITIVE MEASURES; FINANCIAL-MARKETS; PROBABILITIES; PREFERENCES;
D O I：
10.1016/j.jmateco.2014.11.001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We analyse risk-sharing when individuals perceive ambiguity about future events. The main departure from previous work is that different individuals perceive ambiguity differently. We show that individuals fail to share risks for extreme events. This may provide an explanation why we do not observe individuals buying insurance for certain events like hurricanes or earthquakes and why many contracts contain an "act of God" clause, which allows non-performance if an unforeseen event occurs. (C) 2014 Elsevier B.V. All rights reserved.
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页码：1 / 8
页数：8
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