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Prevention and Precaution

Courbage, Christophe, Rey, Béatrice and Treich, Nicolas (2013) Prevention and Precaution. In: Handbook of Insurance Handbook of Insurance. Chapter 8. pp. 185-204. ISBN 978-1-4614-0154-4

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This chapter surveys the economic literature on prevention and precaution. Prevention refers as either a self-protection activity – i.e. a reduction in the probability of a loss – or a self-insurance activity –
i.e. a reduction of the loss –. Precaution is defined as a prudent and temporary activity when the risk is imperfectly known. We first present results on prevention, including the effect of risk preferences,
wealth and background risks. Second, we discuss how the concept of precaution is strongly linked to the effect of arrival of information over time in sequential models as well as to situations in which
there is ambiguity over probability distributions.

Item Type: Book Section
Language: English
Date: 2013
Divisions: TSE-R (Toulouse)
Site: UT1
Date Deposited: 09 Jul 2014 17:23
Last Modified: 27 Mar 2018 15:35
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