Health Care Management Papers

Document Type

Book Chapter

Date of this Version

8-28-2015

Publication Source

Research Handbook on the Economics of Insurance Law

Start Page

15

Last Page

35

DOI

10.4337/9781782547143.00007

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.

Copyright/Permission Statement

This is a draft chapter. The final version is available in Research Handbook on the Economics of Insurance Law edited by Daniel Schwarcz and Peter Siegelman, published in 2015, Edward Elgar Publishing Ltd: http://dx.doi.org/10.4337/9781782547143.00007.

The material cannot be used for any other purpose without further permission of the publisher, and is for private use only.

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Date Posted: 26 June 2018