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<p>Risk is often understood as the likelihood of a disastrous event despite the predominant notion of risk measured by the dispersion in the distribution of an outcome variable. In a mean-disaster framework, this paper proposes a measure of disaster aversion and studies the three often-encountered problems of decision making under risk: self-protection, portfolio choice, and insurance demand. Clear-cut intuitive comparative statics results are obtained for each of these decisions with respect to the effect of the strength of disaster aversion.</p>

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Disaster aversion in the mean-disaster framework and its applications

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年1月26日

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  • Dennis W. Jansen,
  • Liqun Liu

摘要

Risk is often understood as the likelihood of a disastrous event despite the predominant notion of risk measured by the dispersion in the distribution of an outcome variable. In a mean-disaster framework, this paper proposes a measure of disaster aversion and studies the three often-encountered problems of decision making under risk: self-protection, portfolio choice, and insurance demand. Clear-cut intuitive comparative statics results are obtained for each of these decisions with respect to the effect of the strength of disaster aversion.