Heterogeneity in health insurance choice : an experimental investigation of consumer choice and feature preferences

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<title>Heterogeneity in health insurance choice</title>
<subTitle>: an experimental investigation of consumer choice and feature preferences</subTitle>
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<namePart>Hermanns, Benedicta</namePart>
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<namePart>American Risk and Insurance Association</namePart>
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<abstract displayLabel="Summary">This study examines heterogeneity in health insurance choices through a controlled laboratory experiment. Participants selected plans with varying premiums, deductibles, and complementary coverage, and their individual risk preferences were later measured using a rank-dependent expected utility model. The results show substantial variation in willingness to pay, a general tendency to pay above expected value for low-probability high-cost risks, and evidence of heuristic-driven decisions. The study identifies several decision profiles and concludes that neither normative nor descriptive models fully capture the observed behavior</abstract>
<note type="statement of responsibility">Benedicta Hermanns...[et al.]</note>
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<topic>Seguro de salud</topic>
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<topic>Comportamiento del consumidor</topic>
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<topic>Mercado de seguros</topic>
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<topic>Coberturas</topic>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
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<text>17/11/2025 Volumen 92 Número 4 - noviembre 2025 , p. 1096 - 1121</text>
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