Catastrophic risk: social influences on insurance decisions
We study behavioral patterns of insurance demand for low-probability large-loss events (catastrophic losses). Individual patterns of belief formation and risk attitude that were suggested in the behavioral decisions literature emerge robustly in the current set of insurance choices. However, social...
Saved in:
| Main Authors: | , , |
|---|---|
| Format: | Article (Journal) |
| Language: | English |
| Published: |
2017
|
| In: |
Theory and decision
Year: 2017, Volume: 82, Issue: 3, Pages: 309-326 |
| ISSN: | 1573-7187 |
| DOI: | 10.1007/s11238-016-9571-y |
| Online Access: | Verlag, Volltext: http://dx.doi.org/10.1007/s11238-016-9571-y
|
| Author Notes: | Michal W. Krawczyk, Stefan T. Trautmann, Gijs van de Kuilen |
| Summary: | We study behavioral patterns of insurance demand for low-probability large-loss events (catastrophic losses). Individual patterns of belief formation and risk attitude that were suggested in the behavioral decisions literature emerge robustly in the current set of insurance choices. However, social comparison effects are less robust. We do not find any evidence for peer effects (through social-loss aversion or imitation) on insurance take-up. In contrast, we find support for the prediction that people underweight others’ relevant information in their own decision making. |
|---|---|
| Item Description: | Gesehen am 21.12.2016 Published online: 6 September 2016 |
| Physical Description: | Online Resource |
| ISSN: | 1573-7187 |
| DOI: | 10.1007/s11238-016-9571-y |