Behavioral insurance: Theory and experiments

Andreas Richter (), Joerg Schiller () and Harris Schlesinger

Journal of Risk and Uncertainty, 2014, vol. 48, issue 2, 85-96

Abstract: “Risk and insurance” provides an illustrative set of decisions made in the presence of uncertainty. As behavioral models become more integrated into economics and finance, many of their effects are illustrated quite well within insurance markets. Especially noteworthy are the complementary roles of theory and experiments. This article reviews the interactive role of experiments and theory in analyzing insurance demand from a behavioral perspective. We pay special attention to several models of underinvestment in insurance or in other risk-mitigation markets. Copyright Springer Science+Business Media New York 2014

Keywords: Adverse selection; Ambiguity aversion; Annuity puzzle; Behavioral economics; Catastrophe insurance; Genetic tests; Inequality aversion; Laboratory experiment; Loss aversion; Non-expected utility; C91; D03; D11; D14; D81; D82; D91; G22; I12 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (20)

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DOI: 10.1007/s11166-014-9188-x

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