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*This article was written while I was at the Wharton School, University of Pennsylvania.
I would like to thank Eric Briys for a suggestion which grealty expanded the applicability of this paper.
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Szpiro, G. The Decision to Buy or Sell Insurance under Constant Relative Risk Aversion. Geneva Pap Risk Insur Issues Pract 12, 34–36 (1987). https://doi.org/10.1057/gpp.1987.3
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DOI: https://doi.org/10.1057/gpp.1987.3