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Demand Nudges: Wanna Health and/or Funeral Insurance?

In: 45 Conversations About Behavioral Economics

Author

Listed:
  • Li Way Lee

    (Wayne State University)

  • Aaron Keathley

    (Wayne State University)

Abstract

I am considering two insurance policies: health and funeral. I met insurance agent David for both insurances. I told David that I have a “pre-condition”: lung cancer. I also told him that I am on an experimental drug for the cancer. David said he knew the drug. So, we discussed the health insurance first and then the funeral insurance. I took some notes. I am looking at the notes and I am confused. David made two statements, one while we were talking about health insurance and the other while we were talking about funeral insurance. Statement 1: “There is 80% chance that the drug you are taking will work, and you will live.” Statement 2: “There is 20% chance that the drug you are taking will not work, and you will die.” I don't remember which statement David made for what insurance. Help me out.

Suggested Citation

  • Li Way Lee & Aaron Keathley, 2022. "Demand Nudges: Wanna Health and/or Funeral Insurance?," Springer Books, in: 45 Conversations About Behavioral Economics, chapter 0, pages 101-103, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-05046-6_25
    DOI: 10.1007/978-3-031-05046-6_25
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