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Insurance and Behavioral Economics by Howard C. Kunreuther

Title Insurance and Behavioral Economics
Author Howard C. Kunreuther
Publisher Cambridge University Press
Release 2013-01-28
Category Business & Economics
Total Pages 338
ISBN 0521845726
Language English, Spanish, and French
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Book Summary:

This book examines the behavior of individuals at risk and insurance industry policy makers involved in selling, buying and regulation.

Insurance and Behavioral Economics by Howard C. Kunreuther

Title Insurance and Behavioral Economics
Author Howard C. Kunreuther
Publisher Cambridge University Press
Release 2013-01-28
Category Business & Economics
Total Pages 338
ISBN 9780521608268
Language English, Spanish, and French
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Book Summary:

Insurance is an extraordinarily useful tool to manage risk. When it works as intended, it provides financial protection to individuals and a profitable business model for insurance firms and their investors. But it is broadly misunderstood by consumers, regulators, and insurance executives. This book looks at the behavior of individuals at risk, insurance industry decision makers, and policy makers at the local, state, and federal level involved in the selling, buying, and regulating of insurance. It compares their actions to those predicted by benchmark models of choice derived from classical economic theory. When actual choices stray from predictions, the behavior is considered to be anomalous. With considerable sums of money at stake, both in consumer premiums and insurance company payouts, it is important to understand the reasons for anomalous behavior. Howard Kunreuther, Mark Pauly, and Stacey McMorrow examine these anomalies through the lens of behavioral economics, which takes into account emotions, biases, and simplified decision rules. The authors then consider if and how such behavioral anomalies could be modified to improve individual and social welfare. This book is neither a defense of the insurance industry nor an attack on it. Neither is it a consumer guide to purchasing insurance, although the authors believe that consumers will benefit from the insights it contains. Rather, this book describes situations in which both public policy and the insurance industry's collective posture need to change. This may require incentives, rules, and institutions to help reduce both inefficient and anomalous behavior, thereby encouraging behavior that will improve individual and social welfare.

Insurance and Behavioral Economics by Howard Kunreuther

Title Insurance and Behavioral Economics
Author Howard Kunreuther
Publisher
Release 2013
Category Consumer behavior
Total Pages 344
ISBN 9781107253773
Language English, Spanish, and French
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Book Summary:

"This book examines the behavior of individuals at risk, insurance industry decision makers and policy makers involved in the selling, buying, and regulating of insurance"--

Title Insurance and Behavioral Economics
Author Michael Jung
Publisher
Release 2018
Category
Total Pages
ISBN
Language English, Spanish, and French
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Book Summary:

Title Behavioral Economics of Multiperiod Insurance Purchasing Behavior
Author Howard Kunreuther
Publisher Foundations and Trends (R) in Microeconomics
Release 2018-12-28
Category
Total Pages 106
ISBN 9781680835243
Language English, Spanish, and French
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Book Summary:

Addresses the question of how insurance buyers make decisions by considering the conceptual and empirical evidence of theoretical and behavioral issues: the extent that consumers follow the multiperiod decision rules based on expected utility maximization and the factors that influence their choices when they don't behave as if they are maximizing.

Title Essays on Insurance Policyholder Behavior A Behavioral Economics Perspective
Author Christian Knoller
Publisher VVW GmbH
Release 2013
Category Law
Total Pages 104
ISBN 3862982432
Language English, Spanish, and French
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Book Summary:

Die Arbeit erscheint in englischer Sprache. Dieses Buch zeigt anhand von drei Forschungsprojekten, dass verhaltensökonomische Forschungsansätze dazu beitragen können, bisher unerklärtes Verhalten auf Versicherungsmärkten besser zu verstehen. Das erste Projekt liefert anhand einer experimentellen Untersuchung einen wichtigen Beitrag zur Lösung des in der Wissenschaft intensiv diskutierten 'Annuity Puzzle', also der Frage, warum in vielen Versicherungsmärkten nur sehr wenige Menschen private Rentenversicherung nachfragen. Anhand einer empirischen Untersuchung des Stornoverhaltens von Versicherungsnehmern für ein Variable Annuity Produkt in Japan wird gezeigt, dass die finanzwissenschaftliche Ausbildung ('Financial Literacy') des Versicherungsnehmers das Verständnis für den Wert der im Vertrag enthaltenen Optionen und damit auch das Stornoverhalten beeinflussen kann. Das dritte Projekt untersucht die Nachfrage nach Zusatzdeckung gegen Naturkatastrophenschäden anhand des Hausratversicherungsportfolios eines deutschen Versicherungsunternehmens. Viele Versicherungsnehmer scheinen ihre Gefährdung für Hochwasserschäden eher gering einzuschätzen. Die Untersuchung liefert jedoch Hinweise, dass Versicherungsvermittler in der Lage sind, die Versicherungsnehmer bei der Analyse ihrer Gefährdungssituation zu unterstützen. Die Arbeit richtet sich sowohl an Wissenschaftler als auch an Mitarbeiter in Versicherungsunternehmen, die in der Produktentwicklung oder im Risikomanagement tätig sind. Risiken aus dem Verhalten von Versicherungsnehmern, z.B. das Stornorisiko, gewinnen im Zuge von Produktinnovationen immer mehr an Bedeutung. Dies zeigt sich besonders deutlich bei der Entwicklung neuer Garantiekonzepte in der Lebensversicherung.

Title The Behavioral Economics of Insurance
Author Ali al- Nowaihi
Publisher
Release 2010
Category
Total Pages
ISBN
Language English, Spanish, and French
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Book Summary:

We focus on four stylized facts of behavior under risk. Decision makers: (1) Overweight low probabilities and underweight high probabilities. (2) Ignore events of extremely low probability and treat extremely high probability events as certain. (3) Buy inadequate insurance for very low probability events. (4) Keeping the expected loss fixed, there is a probability below which the take-up of insurance drops dramatically. Expected utility (EU) fails on 1-4. Existing models of rank dependent utility (RDU) and cumulative prospect theory (CP) satisfy 1 but fail on 2, 3, 4. We propose a new class of axiomatically-founded probability weighting functions, the composite Prelec weighting functions CPF) that simultaneously account for 1 and 2. When CPF are combined with RDU and CP we get respectively, composite rank dependent utility (CRDU) and composite cumulative prospect theory (CCP). Both CRDU and CCP are able to successfully explain 1-4. CCP is, however, more satisfactory than CRDU because it incorporates the empirically robust phenomena of reference dependence and loss aversion. -- Decision making under risk ; Insurance ; Composite Prelec probability weighting functions ; Composite rank dependent utility theory ; Composite cumulative prospect theory ; power invariance ; local power invariance

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