Without insurance

With insurance

Period 1

U(c*1+a0(r0i0))

U(c*1+a0(r0i0)B)

Period 2

EU(c*2+a1(r1i1))

EU(c*2+a1(r1i1)+z)

AS

U(c*1+a0(r0i0))+δEU(c*2+a1(r1i1))

U(c*1+a0(r0i0)B)+δEU(c*2+a1(r1i1)+z)

  翻译: