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