Risk management decisions provide a means to elicit individuals' risk preferences empirically. In such a context, the literature often presumes that the decision to invest in risk management and the benefit of this investment occur contemporaneously. There is, however, no consensus in the theoretical literature that one-period results can be transferred to intertemporal settings. To address this gap, we study the effect of an increase in risk aversion on the demand for risk management in a two-period context. Our findings reproduce the one-period results and, thus, support the focus of previous empirical literature on the structure of the risk rather than on the timing of investments and benefits. We also contrast our results with those obtained by employing widely used but limited preferences to examine risk aversion in intertemporal settings (standard additive expected utility setting, Selden, Epstein and Zin).

中文翻译：

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两个时期的风险规避比较：自我保险和自我保护的应用

风险管理决策提供了一种根据经验得出个人风险偏好的方法。在这种情况下，文献通常假定投资风险管理的决定和这种投资的收益是同时发生的。然而，在理论文献中没有达成共识，即单期结果可以转移到跨期环境中。为了解决这一差距，我们在两个时期的背景下研究了风险厌恶程度的增加对风险管理需求的影响。我们的研究结果重现了单期结果，因此，支持以前的实证文献关注风险结构而不是投资和收益的时机。