The purpose of this paper is to examine the alternative explanatory factors of the so-called long term care insurance puzzle, namely the fact that so few people purchase a long term care insurance whereas this would seem to be a rational conduct given the high probability of dependence and the...

The theory of games against nature relies on complete preferences among all conceivable acts (case 1). Aumann and Drèze (Am Econ J Microecon 1(1):116,(2009) consider situations where preferences are defined only for a given set of acts (case 2).We extend these results to situations where (i)...