Dr. Soga Ewedemi, professor of finance at Clarion University, and Dr. Wondon Lee, associate professor of insurance at Daegu University, Korea, published a manuscript, "Loss Prevention or Loss Reduction," in the Korean Insurance Journal, Vol. 83 (August 2009).
In their paper, Wondon and Ewedemi examined a risk-averse individual's choice between loss reduction and loss prevention activity in two situations: when a risk pooling arrangement or market insurance is not considered and when a risk pooling arrangement is available. Lee was a research fellow visiting Clarion University's Department of Finance in the College of Business in 2006-07.
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