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Behavioral insurance: Theory and experiments

Author

Listed:
  • Andreas Richter
  • Jörg Schiller
  • Harris Schlesinger

Abstract

“Risk and insurance” provides an illustrative set of decisions made in the presence of uncertainty. As behavioral models become more integrated into economics and finance, many of their effects are illustrated quite well within insurance markets. Especially noteworthy are the complementary roles of theory and experiments. This article reviews the interactive role of experiments and theory in analyzing insurance demand from a behavioral perspective. We pay special attention to several models of underinvestment in insurance or in other risk-mitigation markets. Copyright Springer Science+Business Media New York 2014

Suggested Citation

  • Andreas Richter & Jörg Schiller & Harris Schlesinger, 2014. "Behavioral insurance: Theory and experiments," Journal of Risk and Uncertainty, Springer, vol. 48(2), pages 85-96, April.
    • Handle: RePEc:kap:jrisku:v:48:y:2014:i:2:p:85-96
    DOI: 10.1007/s11166-014-9188-x
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    7. Jianli Wang & Yingrong Su & Jingyuan Li & Ho Yin Yick, 2022. "Demand for insurance with nonadditive probabilistic beliefs," Bulletin of Economic Research, Wiley Blackwell, vol. 74(3), pages 854-862, July.
    8. François Pannequin & Anne Corcos & Claude Montmarquette, 2016. "Behavioral foundations of the substitutability between insurance and self-insurance: An experimental study," CIRANO Working Papers 2016s-12, CIRANO.
    9. Maria Forlicz & Stefan Forlicz, 2022. "The Impact of Introducing Co-insurance into an Insurance Policy on Moral Hazard: An Incentivised Experiment," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 783-808.
    10. Daniel Stein & Jeremy Tobacman, 2016. "Weather Insurance Savings Accounts," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 41(4), pages 677-700, October.
    11. Andreas Richter & Jochen Ruß & Stefan Schelling, 2019. "Insurance customer behavior: Lessons from behavioral economics," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 22(2), pages 183-205, July.
    12. Lu, Richard & Yang, Min-Hsien & Zeng,Qiao-Ling, 2023. "An Empirical Study on Aquaculture Insurance Purchase in Taiwan from A Behavioral Economics Perspective," International Journal of Food and Agricultural Economics (IJFAEC), Alanya Alaaddin Keykubat University, Department of Economics and Finance, vol. 11(4), October.
    13. Mark Browne & Christian Knoller & Andreas Richter, 2015. "Behavioral bias and the demand for bicycle and flood insurance," Journal of Risk and Uncertainty, Springer, vol. 50(2), pages 141-160, April.
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    15. Cettolin, Elena & Tausch, Franziska, 2016. "Risk taking and risk sharing: does responsibility matter? (RM/13/045-revised-)," Research Memorandum 018, Maastricht University, Graduate School of Business and Economics (GSBE).
    16. Martin Eling & Ruo Jia, 2017. "Recent Research Developments Affecting Nonlife Insurance—The CAS Risk Premium Project 2014 Update," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 20(1), pages 63-77, March.
    17. Kerstin Fiederling & Jörg Schiller & Frauke von Bieberstein, 2018. "Can we Trust Consumers’ Survey Answers when Dealing with Insurance Fraud?," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 70(2), pages 111-147, May.
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    More about this item

    Keywords

    Adverse selection; Ambiguity aversion; Annuity puzzle; Behavioral economics; Catastrophe insurance; Genetic tests; Inequality aversion; Laboratory experiment; Loss aversion; Non-expected utility; C91; D03; D11; D14; D81; D82; D91; G22; I12;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior

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