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

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      <subfield code="a">Dynamic insurance decision-making for rare events</subfield>
      <subfield code="b">: the role of emotions</subfield>
      <subfield code="c">Howard Kunreuther, Mark V. Pauly</subfield>
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      <subfield code="a">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</subfield>
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      <subfield code="a">Pauly, Mark V.</subfield>
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      <subfield code="t">Geneva papers on risk and insurance : issues and practice</subfield>
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      <subfield code="g">02/04/2018 Volumen 43 Número 2 - abril 2018 , p. 335-355</subfield>
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