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Publications [#266528] of Philip J. Cook

Journal Articles

  1. Cook, PJ; Graham, DA, The Demand for Insurance and Protection: The Case of Irreplaceable Commodities, The Quarterly Journal of Economics, vol. 91 no. 1 (February, 1977), pp. 143-143, Oxford University Press (OUP), ISSN 0033-5533 (Reprinted in Georges Dionne and Scott Harrington (eds.) Foundations of Insurance Economics Kluwer Academic Press, 1991.) [repository], [doi]
    (last updated on 2024/03/28)

    Abstract:
    This article evaluates the new theoretical characterization of commodities and develops some results concerning the demand for insurance in the U.S. A rational individual, risk-averse with respect to lotteries on wealth, will typically not fully insure an irreplaceable commodity and may even choose to bet against losing it. In assessing the benefit of an increase in public protection activity, the correct value of a commodity is bracketed by the amount of money the owner would pay to avoid its loss and the amount of money required to fully compensate him for its loss.


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