Behavioral Economics and Insurance: Principles and Solutions

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Health Care Management Papers
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Behavioral Economics
Business Intelligence
Health and Medical Administration
Insurance
Marketing
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Kunreuther, Howard
Pauly, Mark V
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Abstract

It is easy for a consumer to make mistakes in insurance markets, especially when deciding whether to purchase insurance against low-probability, high-consequence (LP-HC) events. They have a hard time collecting and processing information to determine the likelihood and consequences of these risks which (by definition) they have had limited or no experience. Hence, people often rely on feelings and intuition rather than careful thought when it comes time to decide what coverage to purchase.

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2015-08-28
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