Demand Nudges: Wanna Health and/or Funeral Insurance?

Li Way Lee () and Aaron Keathley ()
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Li Way Lee: Wayne State University
Aaron Keathley: Wayne State University

Chapter Chapter 25 in 45 Conversations About Behavioral Economics, 2022, pp 101-103 from Springer

Abstract: Abstract I am considering two insurance policies: health and funeral. I met insurance agent David for both insurances. I told David that I have a “pre-condition”: lung cancer. I also told him that I am on an experimental drug for the cancer. David said he knew the drug. So, we discussed the health insurance first and then the funeral insurance. I took some notes. I am looking at the notes and I am confused. David made two statements, one while we were talking about health insurance and the other while we were talking about funeral insurance. Statement 1: “There is 80% chance that the drug you are taking will work, and you will live.” Statement 2: “There is 20% chance that the drug you are taking will not work, and you will die.” I don't remember which statement David made for what insurance. Help me out.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-05046-6_25

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DOI: 10.1007/978-3-031-05046-6_25

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