Eeckhoudt, Louis; Fiori, Anna Maria; Gianin, Emanuela … - In: Risks 6 (2018) 2, pp. 1-19
In this paper we analyze insurance demand when the utility function depends both upon final wealth and the level of losses or gains relative to a reference point. Besides some comparative statics results, we discuss the links with first-order risk aversion, with the Omega measure, and with a...