Does self-protection affect individuals’ insurance choice? An experimental study

¿Influye la autoprotección en la elección del seguro? Un estudio experimental

Claire Mouminoux (), Morgane Plantier () and Jean-Louis Rullière ()
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Claire Mouminoux: BETA - Bureau d'Économie Théorique et Appliquée - AgroParisTech - UNISTRA - Université de Strasbourg - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
Morgane Plantier: LéP [Poitiers] - Laboratoire d'économie de Poitiers - UP - Université de Poitiers = University of Poitiers
Jean-Louis Rullière: LSAF - Laboratoire de Sciences Actuarielle et Financière - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon

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Abstract: Based on lab experiment, this study analyzes whether introducing a self-protection mechanism to reduce the loss probability affects individuals' insurance choices. The experimental evidence shows that the possibility of a posteriori self-protection encourages policyholders to choose lower levels of coverage, which reveals their preference for self-protection to mitigate their risk. However, this attraction to self-protection option does not turn into real action revealing an inconsistency of choices: individuals who deliberately choose to be less insured when a self-protection option is available do not subsequently engage in more self-protection efforts afterwards.

Keywords: Insurance; Self-protection; Lab experiment; Hypothetical bias; Assurance; Autoprotection; Biais hypothétique; Expérimentation en laboratoire (search for similar items in EconPapers)
Date: 2024
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Published in Revue Economique, 2024, Avancées de la recherche en micro économie appliquée à l'occasion des XXXIXes JMA (Strasbourg 2023), 75 (2024/5), pp.1043-1085. ⟨10.3917/reco.755.1043⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04979167

DOI: 10.3917/reco.755.1043

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