ere u′ > 0, u′′ < 0
u (cL) + (1 − p) u (cH
u (pcL + (1 − p) cH )
(E (c)) > E (u (c)
THE EXPECTED RETURN OF A LOTTERY IS BETTER THAN THE LOTTERY IT
mb − pb = 0
The assumption of observable risks is not realistic.
ceive full insurance in equilibrium?
STATE UI REFORMS USED BY MEYER (1989) AS A QUASI-EXPERIMENT
spect to benefits around 0.8-1. Little effect on incidence of unemployment
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