This work reviews recent developments in the literature analyzing precautionary saving.
After a description of traditional precautionary saving theory, which considers labor income …

Liquidity constraints create preferences over how insurance contracts move money across
both time and states because insurance can have a consumption-smoothing benefit. We …

This chapter reviews the evolution in risk and insurance economics over the past 50 years,
first recalling the situation in 1973 and then presenting the developments and new …

Self-protection is a costly investment to reduce the probability of loss. This paper studies
optimal self-protection in a two-period model with endogenous saving. In a setting with a …

We study how privately insured individuals choose lower-limb MRI scan providers. Despite
significant out-of-pocket costs and little variation in quality, patients often received care in …

This article studies the effect of risk preferences on self‐insurance and self‐protection in a
two‐period expected utility framework. Here the investment to reduce risk precedes its effect …

We study where privately insured individuals receive planned MRI scans. Despite significant
out-of-pocket costs for this undifferentiated service, privately insured patients often receive …

This article analyzes the optimal dynamic strategy of a risk-averse agent bearing an
insurable risk to determine whether precautionary saving is superior to insurance in the long …

In this article, we generalize the Hoy and Robson (1981) analysis and provide a necessary
and sufficient condition for insurance not to be a Giffen good. The condition gives a bound …

This work makes a joint analysis of prevention and saving decisions. First we determine the
optimal levels of the two variables and we analyze substitution between them. Second we …