Dynamic insurance decision-making for rare events : the role of emotions

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<title>Dynamic insurance decision-making for rare events</title>
<subTitle>: the role of emotions</subTitle>
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<namePart>Pauly, Mark V.</namePart>
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<abstract displayLabel="Summary">This paper describes the results of a web-based experiment that uses respondents' stated preferences for purchasing insurance for low-probability, high-consequence events where the probability of a loss and its consequences are stable over time. We contrast the predictions of a model of insurance choice based on expected utility [E(U)] maximisation with those of an alternative behavioural model. The majority of subjects reported insurance purchasing behaviour consistent with expected utility theory; however, a sizeable number of uninsured individuals decided to purchase insurance after learning that they had suffered a loss whereby they responded that their prior choice to be uninsured made them unhappy. In this sense, the study shows that a loss coupled with self-reported emotions linked to the loss is likely to play an important role in convincing some uninsured persons to buy coverage. In contrast, insured individuals who did not suffer a loss rarely dropped coverage</abstract>
<note type="statement of responsibility">Howard Kunreuther, Mark V. Pauly</note>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080588434">
<topic>Toma de decisiones</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080624019">
<topic>Comportamiento del consumidor</topic>
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<topic>Emociones</topic>
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<topic>Predicciones</topic>
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<topic>Modelos predictivos</topic>
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<title>Geneva papers on risk and insurance : issues and practice</title>
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<publisher>Geneva : The Geneva Association, 1976-</publisher>
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<identifier type="issn">1018-5895</identifier>
<identifier type="local">MAP20077100215</identifier>
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<text>02/04/2018 Volumen 43 Número 2 - abril 2018 , p. 335-355</text>
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