The Wealth Effects on Demand for Insurance under Ambiguity Aversion
Bao-An Huang & Xiao-Hong Wang · Journal of Economics, Management and Trade · 2022
Under which condition does the optimal insurance demand decrease in wealth? In the expected utility model a decreasing concavity condition is necessary and sufficient for this result. However in general, the result does not hold under ambiguity aversion. By introducing several t...
Open access
Research Article
10.9734/jemt/2022/v28i111055