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More on insurance as a Giffen good |
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| Authors: | Eric Briys Georges Dionne Louis Eeckhoudt |
| Institution: | 1. HEC-ISA, France 2. CRT and Economics Department, Université de Montréal, Canada 3. Université Catholique de Mons, Belgium |
| Abstract: | In this article, we generalize the Hoy and Robson (1981) analysis and provide a necessary and sufficient condition for insurance not to be a Giffen good. The condition gives a bound for the variation of absolute risk aversion that permits the wealth effect to be always dominated by the substitution effect. |
| Keywords: | insurance Giffen goods absolute risk aversion |
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