Essec\Faculty\Model\Contribution {#2237
  #_index: "academ_contributions"
  #_id: "16502"
  #_source: array:26 [
    "id" => 16502
    "slug" => "16502-too-risk-averse-to-purchase-insurance"
    "yearMonth" => "2014-04"
    "year" => 2014
    "title" => "Too risk averse to purchase insurance?"
    "description" => "BOMMIER, A. et LE GRAND, F. (2014). Too risk averse to purchase insurance? <i>Journal of Risk and Uncertainty</i>, 48(2), pp. 135-166."
    "authors" => array:2 [
      0 => array:3 [
        "name" => "LE GRAND François"
        "bid" => "B00832579"
        "slug" => "le-grand-francois"
      ]
      1 => array:1 [
        "name" => "Bommier Antoine"
      ]
    ]
    "ouvrage" => ""
    "keywords" => []
    "updatedAt" => "2026-05-26 09:56:23"
    "publicationUrl" => "https://doi.org/10.1007/s11166-014-9190-3"
    "publicationInfo" => array:3 [
      "pages" => "135-166"
      "volume" => "48"
      "number" => "2"
    ]
    "type" => array:2 [
      "fr" => "Articles"
      "en" => "Journal articles"
    ]
    "support_type" => array:2 [
      "fr" => "Revue scientifique"
      "en" => "Scientific journal"
    ]
    "countries" => array:2 [
      "fr" => null
      "en" => null
    ]
    "abstract" => array:2 [
      "fr" => "This paper suggests a new explanation for the low level of annuitization, which is valid even if one assumes perfect markets. We show that, as soon there is a positive bequest motive, sufficiently risk averse individuals should not purchase annuities. A model calibration accounting for lifetime risk aversion generates a significantly smaller willingness-to-pay for annuities than the one generated by a standard time-additive model. Moreover, the calibration predicts that riskless savings finance one third of consumption, in line with empirical findings."
      "en" => "This paper suggests a new explanation for the low level of annuitization, which is valid even if one assumes perfect markets. We show that, as soon there is a positive bequest motive, sufficiently risk averse individuals should not purchase annuities. A model calibration accounting for lifetime risk aversion generates a significantly smaller willingness-to-pay for annuities than the one generated by a standard time-additive model. Moreover, the calibration predicts that riskless savings finance one third of consumption, in line with empirical findings."
    ]
    "authors_fields" => array:2 [
      "fr" => "Economie"
      "en" => "Economics"
    ]
    "indexedAt" => "2026-06-04T11:23:33.000Z"
    "docTitle" => "Too risk averse to purchase insurance?"
    "docSurtitle" => "Articles"
    "authorNames" => "<a href="/cv/le-grand-francois">LE GRAND François</a>, Bommier Antoine"
    "docDescription" => "<span class="document-property-authors">LE GRAND François, Bommier Antoine</span><br><span class="document-property-authors_fields">Economie</span> | <span class="document-property-year">2014</span>"
    "keywordList" => ""
    "docPreview" => "<b>Too risk averse to purchase insurance?</b><br><span>2014-04 | Articles </span>"
    "docType" => "research"
    "publicationLink" => "<a href="https://doi.org/10.1007/s11166-014-9190-3" target="_blank">Too risk averse to purchase insurance?</a>"
  ]
  +lang: "fr"
  +"_score": 8.502932
  +"_ignored": array:2 [
    0 => "abstract.en.keyword"
    1 => "abstract.fr.keyword"
  ]
  +"parent": null
}