Substituabilité entre assurance et auto-assurance: une propriété robuste à l’asymétrie d’information et à l’ambiguïté

Marielle Brunette (), Anne Corcos, Stéphane Couture and François Pannequin

Revue d'économie politique, 2020, vol. 130, issue 4, 615-632

Abstract: We study the effect of asymmetric information about self-insurance effort on the substitution property between insurance and self-insurance. We first examine the effect of the insurer?s ability to observe the policyholder?s self-insurance effort in a risk context. We then extend the analysis to a unilateral ambiguous context where only the policyholder has an ambiguous knowledge of his risk exposure. We find that information on the level of effort has a strategic dimension neither in the risk context nor in the ambiguous one: policyholders choose identical levels of effort, be the effort observable or not. As a result, the substitutability property between insurance and self-insurance is robust to both asymmetric information and ambiguity. The implications for government and insurers are discussed.

Keywords: risk; ambiguity; insurance; self-insurance; information asymmetry (search for similar items in EconPapers)
Date: 2020
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Working Paper: Substituabilité entre assurance et auto-assurance: une propriété robuste à l’asymétrie d’information et à l’ambiguïté (2020)
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