Incomplete insurance and absolute risk aversion |
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| Authors: | Haruo Imai John Geanakoplos Takatoshi Ito |
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| Institution: | Kyoto University, Kyoto, Japan;University of Southern California, Los Angeles, CA 90007, USA;Yale University, New Haven, CT 06520, USA;University of Minnesota, Minneapolis, MN 55455, USA |
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| Abstract: | Suppose that a subset of states of nature are not verifiable individually. Given an optimal feasible insurance scheme, the expected utility across a group of unverifiable states is greater (less) than that of a verifiable state, if the degree of absolute risk aversion is decreasing (increasing). |
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