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Forests are often threatened by storms; and such a threat is likely to increase due to climate change. Indeed, climate change is expected to increase the frequency and intensity of extreme events such as intensive storms. For forest owners, adaptation to climate change will require major adjustments in forest management practices. Then, forest owners will have to take these increasing risks into account through risk-sharing (insurance) and risk-reducing strategies (reduction of rotation length). In this paper, we propose to jointly analyze the forest owner's insurance decision and the rotation age under storm risk. We extend the Faustmann optimal rotation model under risk, first, considering the forest owner's preferences towards risk, and second, integrating the decision of insurance. With this analytical model, we show that unless the forest owner's discount rate and the insurer's discount rate are sufficiently unequal, it is not optimal for the forest owner to adopt insurance. We prove that the rotation length increases as the insurance premium increases, i.e. substitution between the two coverage mechanisms. Finally, we discuss the potential implications of government policy on the insurance scheme.

International audience ; Forests are often threatened by storms; and such a threat is likely to increase due to climate change. Indeed, climate change is expected to increase the frequency and intensity of extreme events such as intensive storms. For forest owners, adaptation to climate change will require major adjustments in forest management practices. Then, forest owners will have to take these increasing risks into account through risk-sharing (insurance) and risk-reducing strategies (reduction of rotation length). In this paper, we propose to jointly analyze the forest owner's insurance decision and the rotation age under storm risk. We extend the Faustmann optimal rotation model under risk, first, considering the forest owner's preferences towards risk, and second, integrating the decision of insurance. With this analytical model, we show that unless the forest owner's discount rate and the insurer's discount rate are sufficiently unequal, it is not optimal for the forest owner to adopt insurance. We prove that the rotation length increases as the insurance premium increases, i.e. substitution between the two coverage mechanisms. Finally, we discuss the potential implications of government policy on the insurance scheme.

National audience ; Forests are often threatened by storms; and such a threat is likely to increase due to climate change. Indeed, climate change is expected to increase the frequency and intensity of extreme events such as intensive storms. For forest owners, adaptation to climate change will require major adjustments in forest management practices. Then, forest owners will have to take these increasing risks into account through risk-sharing (insurance) and risk-reducing strategies (reduction of rotation length). In this paper, we propose to jointly analyze the forest owner's insurance decision and the rotation age under storm risk. We extend the Faustmann optimal rotation model under risk, first, considering the forest owner's preferences towards risk, and second, integrating the decision of insurance. With this analytical model, we show that unless the forest owner's discount rate and the insurer's discount rate are sufficiently unequal, it is not optimal for the forest owner to adopt insurance. We prove that the rotation length increases as the insurance premium increases, i.e. substitution between the two coverage mechanisms. Finally, we discuss the potential implications of government policy on the insurance scheme.

National audience ; Forests are often threatened by storms; and such a threat is likely to increase due to climate change. Indeed, climate change is expected to increase the frequency and intensity of extreme events such as intensive storms. For forest owners, adaptation to climate change will require major adjustments in forest management practices. Then, forest owners will have to take these increasing risks into account through risk-sharing (insurance) and risk-reducing strategies (reduction of rotation length). In this paper, we propose to jointly analyze the forest owner's insurance decision and the rotation age under storm risk. We extend the Faustmann optimal rotation model under risk, first, considering the forest owner's preferences towards risk, and second, integrating the decision of insurance. With this analytical model, we show that unless the forest owner's discount rate and the insurer's discount rate are sufficiently unequal, it is not optimal for the forest owner to adopt insurance. We prove that the rotation length increases as the insurance premium increases, i.e. substitution between the two coverage mechanisms. Finally, we discuss the potential implications of government policy on the insurance scheme.

International audience ; Forests are often threatened by storms; and such a threat is likely to increase due to climate change. Indeed, climate change is expected to increase the frequency and intensity of extreme events such as intensive storms. For forest owners, adaptation to climate change will require major adjustments in forest management practices. Then, forest owners will have to take these increasing risks into account through risk-sharing (insurance) and risk-reducing strategies (reduction of rotation length). In this paper, we propose to jointly analyze the forest owner's insurance decision and the rotation age under storm risk. We extend the Faustmann optimal rotation model under risk, first, considering the forest owner's preferences towards risk, and second, integrating the decision of insurance. With this analytical model, we show that unless the forest owner's discount rate and the insurer's discount rate are sufficiently unequal, it is not optimal for the forest owner to adopt insurance. We prove that the rotation length increases as the insurance premium increases, i.e. substitution between the two coverage mechanisms. Finally, we discuss the potential implications of government policy on the insurance scheme.

Forests are often threatened by storms; and such a threat is likely to increase due to climate change. Indeed, climate change is expected to increase the frequency and intensity of extreme events such as intensive storms. For forest owners, adaptation to climate change will require major adjustments in forest management practices. Then, forest owners will have to take these increasing risks into account through risk-sharing (insurance) and risk-reducing strategies (reduction of rotation length). In this paper, we propose to jointly analyze the forest owner's insurance decision and the rotation age under storm risk. We extend the Faustmann optimal rotation model under risk, first, considering the forest owner's preferences towards risk, and second, integrating the decision of insurance. With this analytical model, we show that unless the forest owner's discount rate and the insurer's discount rate are sufficiently unequal, it is not optimal for the forest owner to adopt insurance. We prove that the rotation length increases as the insurance premium increases, i.e. substitution between the two coverage mechanisms. Finally, we discuss the potential implications of government policy on the insurance scheme.

Nous étudions l'effet de l'inobservabilité par l'assureur de l'effort d'auto-assurance de l'assuré sur la relation de substitution entre assurance et auto-assurance. Nous appréhendons l'effet de cette inobservabilité d'abord dans un contexte de risque, puis nous étendons l'analyse au cas où l'assuré, contrairement à l'assureur, n'a qu'une connaissance ambiguë de son risque d'accident. Nous trouvons que l'information quant au niveau d'effort ne revêt de dimension stratégique ni dans le risque ni dans l'ambiguïté : les assurés choisissent des niveaux d'effort identiques que l'effort soit observable ou non. Il en résulte que la propriété de substituabilité entre assurance et auto-assurance est robuste à la fois à l'asymétrie d'information et à l'ambiguïté. Les implications pour les pouvoirs publics et pour les assureurs sont discutées. Code JEL : D81

Egalement publié dans Cahier du LEF ; 2008-05. ; This article presents the results of an experiment designed to test theoretical predictions about the impact of public compensation schemes and ambiguity on insurance and self-insurance decisions. Consistent with theory, we find that government assistance significantly reduceswillingness to pay (WTP) for insurance and self-insurance (compared with a free insurance market). As expected, we also find significant differences between WTPs for insurance under different types of government compensation programs. For example, results from our experiment confirm the prediction that the WTP for insurance is smaller under a "Fixed Help" program thanunder a "Contingent Fixed Help" program where the government assistance is conditioned to the purchase of an insurance policy. Thirdly, we find that ambiguity, i.e., uncertainty about probability, significantly increases WTPs for insurance. This result, which indicates thatdecision-makers are ambiguity averse, is in line with previous results on the impact of ambiguity on insurance demand for low probability risks. Lastly, our experiment provides a clear support for the hypothesis that attitude to risk and attitude to ambiguity are two independent phenomena. In fact in this experiment, decision-makers are both risk-seekers (i.e., the mean WTP for insurance is on average smaller than the expected value of the loss) and ambiguity averse (i.e., the mean WTP for insurance is on average higher for an ambiguous risk than for a 'risky' risk).

Egalement publié dans Cahier du LEF ; 2008-05. ; This article presents the results of an experiment designed to test theoretical predictions about the impact of public compensation schemes and ambiguity on insurance and self-insurance decisions. Consistent with theory, we find that government assistance significantly reduceswillingness to pay (WTP) for insurance and self-insurance (compared with a free insurance market). As expected, we also find significant differences between WTPs for insurance under different types of government compensation programs. For example, results from our experiment confirm the prediction that the WTP for insurance is smaller under a "Fixed Help" program thanunder a "Contingent Fixed Help" program where the government assistance is conditioned to the purchase of an insurance policy. Thirdly, we find that ambiguity, i.e., uncertainty about probability, significantly increases WTPs for insurance. This result, which indicates thatdecision-makers are ambiguity averse, is in line with previous results on the impact of ambiguity on insurance demand for low probability risks. Lastly, our experiment provides a clear support for the hypothesis that attitude to risk and attitude to ambiguity are two independent phenomena. In fact in this experiment, decision-makers are both risk-seekers (i.e., the mean WTP for insurance is on average smaller than the expected value of the loss) and ambiguity averse (i.e., the mean WTP for insurance is on average higher for an ambiguous risk than for a 'risky' risk).

Les biens communs sont fréquemment utilisés comme outils de gestion des risques liés aux activités privées. Dans cet article, nous analysons l'impact de cette utilisation du bien commun en tant que filet de sécurité pour les choix d'investissement et d'extraction de ressources naturelles communes. Les agents de la communauté choisissent d'abord d'investir dans leur projet privé et dans le bien commun ; ensuite, ils choisissent la quantité à extraire de leur projet privé et du bien commun. Le modèle compare le bien commun en tant que mécanisme de gestion des risques ( ex post ) et en tant que mécanisme de diversification des risques ( ex ante ). Il compare également deux situations : le risque sur le projet privé et l'incertitude concernant l'investissement des autres membres de la communauté dans le bien commun. Les prédictions théoriques sont testées empiriquement via une expérience de laboratoire. Pour cela, nous proposons un jeu de bien commun original composé d'une période d'investissement et d'une période d'extraction. Notre résultat montre clairement que la réduction des risques associés au projet privé diminue l'investissement dans le bien commun, alors qu'elle n'a pas d'effet sur l'extraction. Nous montrons également que le bien commun en tant que mécanisme de gestion des risques est une stratégie comprise comme plus flexible et qu'elle est influencée par les rendements du projet privé.

Cahier du LEF ; 2008-05Cet article a été présenté dans plusieurs conférences sous le titre : Ambiguity, Government Intervention and Inusrance Decision : an Experimental Study ; This article presents the results of an experiment designed to test theoretical predictions about the impact of public compensation schemes and ambiguity on insurance and self-insurance decisions. Consistent with theory, we find that government assistance significantly reduceswillingness to pay (WTP) for insurance and self-insurance (compared with a free insurance market). As expected, we also find significant differences between WTPs for insurance under different types of government compensation programs. For example, results from our experiment confirm the prediction that the WTP for insurance is smaller under a "Fixed Help" program thanunder a "Contingent Fixed Help" program where the government assistance is conditioned to the purchase of an insurance policy. Thirdly, we find that ambiguity, i.e., uncertainty about probability, significantly increases WTPs for insurance. This result, which indicates thatdecision-makers are ambiguity averse, is in line with previous results on the impact of ambiguity on insurance demand for low probability risks. Lastly, our experiment provides a clear support for the hypothesis that attitude to risk and attitude to ambiguity are two independent phenomena. In fact in this experiment, decision-makers are both risk-seekers (i.e., the mean WTP for insurance is on average smaller than the expected value of the loss) and ambiguity averse (i.e., the mean WTP for insurance is on average higher for an ambiguous risk than for a 'risky' risk) ; Cet article présente les résultats d'une expérience mise en place pour tester des prédictions théoriques concernant l'impact de programmes publics de compensations financières et de l'ambiguïté sur les décisions d'assurance et d'auto-assurance. En conformité avec la théorie, nous montrons que l'aide du gouvernement réduit significativement le consentement à payer (CAP) ...