Now Publishers Behavioral Economics of Multiperiod Insurance Purchasing Behavior: The Role of Emotions (Foundations and Trends (R) in Microeconomics)

Name: Behavioral Economics of Multiperiod Insurance Purchasing Behavior: The Role of Emotions (Foundations and Trends (R) in Microeconomics)
Brand: Now Publishers
Price: 62.5 GBP
Availability: OutOfStock

Microeconomics

Price History & Forecast

Last 23 days • 23 data points (No recent data available)

Historical

Generating forecast...

Price Distribution

Price distribution over 23 days • 1 price levels

Days at Price

Price Analysis

Most common price: £63 (23 days, 100.0%)

Price range: £63 - £63

Price levels: 1 different prices over 23 days

Description

Behavioral Economics of Multiperiod Insurance Purchasing Behavioraddresses the question of how potential insurance buyers make decisions like these by considering the conceptual and empirical evidence that address the following theoretical and behavioral issues: the extent that consumers tend to follow the multiperiod decision rules based on expected utility [E(U)] maximization; and the factors that influence their choices when they do not behave as if they are maximizing E(U).The principal contribution of this monograph is to demonstrate that emotions play a role in predicting departures from expected utility maximization for making insurance purchasing decisions over time. The authors highlight the conceptual issues and alternative theories of behavior about repeat insurance purchasing over time and the empirical literature on the proportion of consumers that buy coverage after loss-producing events only to cancel their insurance as those events become more distant in time. The monograph then details the findings from novel web-based experiments that seek to determine whether people change their insurance decisions after experiencing a loss when offered a relatively high, medium or low premium relative to the expected loss. Section 2 reviews the empirical evidence on deviations from rational thinking, especially as they relate to choices about repeated purchase over time. It also discusses the interplay between cognitive biases generated by intuitive thinking and emotions in changing insurance purchase decisions over time. Section 3 details an experiment in the context of hypothetical hurricane damage where individuals are told that loss probabilities and premiums remain the same from period to period. Section 4 details an experiment where participants must choose between high-deductible health insurance at a given premium and low-deductible health insurance at a higher premium, and explores whether they will switch from one policy to the other over time. Section 5 draws together the findings, and provides guiding principles of insurance and recommendations for public-private partnerships to address the cognitive biases noted in Section 2 via a behavioral risk audit that encourages more deliberative thinking with respect to insurance-related choices.

Product Specifications

Brand: Now Publishers
Format: paperback
ASIN: 1680835246
Category: Books > Subjects > Business, Finance & Law > Economics > Microeconomics
Domain: Amazon UK
Release Date: 31 March 2019
Listed Since: 27 December 2018

Barcode

No barcode data available

Now Publishers Behavioral Economics of Multiperiod Insurance Purchasing Behavior: The Role of Emotions (Foundations and Trends (R) in Microeconomics)

Price History & Forecast

Price Distribution

Price Analysis

Description

Product Specifications

Barcode

Similar Products You Might Like

Handbook of Behavioural Economics and Smart Decision-Making: Rational Decision-Making within the Bounds of Reason

Financing Micro Health Insurance: Theory, Methods and Evidence (World Scientific Series in Health Investment and Financing): 2

Financial Economics of Insurance

Insurance Planning Models: Price Competition And Regulation Of Financial Stability: 2 (Advances In Statistics, Probability And Actuarial Science)

Routledge Neuroeconomics, Judgment, and Decision Making Book

Security Risk Models for Cyber Insurance

CRC Press - Security Risk Models for Cyber Insurance Book

Foundations of Economic Psychology: A Behavioral and Mathematical Approach

Behavioral Economics: Trends, Perspectives and Challenges (Economic Issues, Problems and Perspectives)

A Fast and Frugal Finance: Bridging Contemporary Behavioral Finance and Ecological Rationality (Perspectives in Behavioral Economics and the Economics of Behavior)

Risk Management Role of Insurance in Energy Infrastructure Security & Resilience (Energy Policies, Politics and Prices)

Encyclopedia of Behavioral Medicine

Smart Economic Decision-Making in a Complex World

Understanding Economics Today

What Is Health Insurance (Good) For?: An Examination of Who Gets It, Who Pays for It, and How to Improve It

The Behavioral Foundations of Public Policy

Neuroeconomics: Decision Making and the Brain

Ethics and Neuromarketing: Implications for Market Research and Business Practice

Behavioral Economics: Moving Forward

Psychological Perspectives on Risk and Risk Analysis: Theory, Models, and Applications

The Behavioural Finance Revolution: A New Approach to Financial Policies and Regulations (Behavioural Financial Regulation and Policy (BEFAIRLY) series)

Research Handbook on the Economics of Insurance Law (Research Handbooks in Law and Economics series)

Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management: 11 (Innovations in Financial Markets and Institutions, 11)

Ethics and Neuromarketing: Implications for Market Research and Business Practice