publication . Article . Other literature type . Part of book or chapter of book . 1968

Aspects of Rational Insurance Purchasing

Jan Mossin;
  • Published: 01 Jul 1968 Journal: Journal of Political Economy, volume 76, pages 553-568 (issn: 0022-3808, eissn: 1537-534X, Copyright policy)
  • Publisher: University of Chicago Press
Problems concerned with purchasing of insurance coverage appear to be a fascinating and potentially fruitful field for application and testing of theories of riskbearing. In this note we shall analyze a series of such problems from the point of view of an individual facing certain risks. Given his risk situation and his economic background (as measured by his initial wealth), his problem is to decide whether he should provide for in­surance coverage and, if so, how much.
free text keywords: Key person insurance, Risk aversion, Economics, Wealth effect, Actuarial science, Insurance coverage, Purchasing, Insurable risk
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