Geneva Papers on Risk and Insurance TheoryVolume 26 (1) 2001 Courbage, C. Self-insurance, self-protection and market insurance within the dual theory of choice, 43-56. As demonstrated by Ehrlich and Becker , expected utility theory predicts that market insurance and self-insurance are substitutes, whilst surprisingly, market insurance and self-protection could be complements. This article examines the robustness of this conclusion, as well as its extensions under the dual theory of choice [Yaari, 1987].…
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