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EXERCISE ON RISK PREMIUM
NOW CONSUMER IS RISK NUETRAL, SINCE HER UTILITY FUNCTION u(c) IS LINEAR
RISK PREMIUM IS ZERO
CONCAVE PREFERENCES IMPLY THAT THE AGENT HAS BEHAVIOR
< 0 EU (L) > u( E(L) )
*
OPTIMUM INSURANCE HERE IS K* = D
RISK AVERSE AGENT
AGENT IS RISK AVERSE, PREMIUM
* OPTIMUM INSURANCE IS
* IF PREMIUM IS FAIR
PREMIUM IS NOT FAIR AND THEN
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