Insurance Decision Making And Market Behavior
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Insurance Decision Making And Market Behavior
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Author : Howard Kunreuther
language : en
Publisher: Now Publishers Inc
Release Date : 2006
Insurance Decision Making And Market Behavior written by Howard Kunreuther and has been published by Now Publishers Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
Considerable evidence suggests that many people for whom insurance is worth purchasing do not have coverage and others who appear not to need financial protection against certain events actually have purchased coverage. There are certain types of events for which one might expect to see insurance widely marketed are now viewed today by insurers as uninsurable and there are other policies one might not expect to be successfully marketed that exist on a relatively large scale. In addition, evidence suggests that cost-effective preventive measures are sometimes rewarded by insurers in ways that could change their clients' behavior. These examples reveal that insurance purchasing and marketing activities do not always produce results that are in the best interest of individuals at risk. Insurance Decision Making and Market Behavior discusses such behavior with the intent of categorizing these insurance "anomalies". It represents a first step in constructing a theory of insurance decision making to explain behavior that does not conform to standard economic models of choice and decision-making. Finally, the authors propose a set of prescriptive solutions for improving insurance decision-making.
Insurance And Behavioral Economics
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Author : Howard C. Kunreuther
language : en
Publisher: Cambridge University Press
Release Date : 2013-01-28
Insurance And Behavioral Economics written by Howard C. Kunreuther and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-28 with Business & Economics categories.
This book examines the behavior of individuals at risk and insurance industry decision makers involved in selling, buying and regulation. It compares their actions to those predicted by benchmark models of choice derived from classical economic theory. Where actual choices stray from predictions, the behavior is considered to be anomalous. Howard C. Kunreuther, Mark Pauly and Stacey McMorrow attempt to understand why these anomalies occur, in many cases using insights from behavioral economics. The authors then consider if and how such behavioral anomalies could be modified to improve individual and social welfare. This book describes situations in which both public policy and the insurance industry's collective posture need to change. This may require incentives, rules and institutions to help reduce both inefficient and anomalous behavior, thereby encouraging behavior that will improve individual and social welfare.
Insurance And Behavioral Economics
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Author : Howard Kunreuther
language : en
Publisher:
Release Date : 2013
Insurance And Behavioral Economics written by Howard Kunreuther and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Consumer behavior categories.
"This book examines the behavior of individuals at risk, insurance industry decision makers and policy makers involved in the selling, buying, and regulating of insurance"--
The Economics Regulation And Systemic Risk Of Insurance Markets
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Author : Felix Hufeld
language : en
Publisher: Oxford University Press
Release Date : 2016-10-27
The Economics Regulation And Systemic Risk Of Insurance Markets written by Felix Hufeld and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-10-27 with Business & Economics categories.
Despite the importance of insurance in enabling individual and collective social, economic, and financial activities, discussions about the macroeconomic role and risks of insurance markets are surprisingly limited. This book brings together academics, regulators, and industry experts to provide a multifaceted array of research and perspectives on insurance, its role and functioning, and the potential systemic risk it could create. The first part discusses the macroeconomic role of insurance and how insurance is different from banking and general finance. Understanding the differences between the balance sheets of insurers and other financial intermediaries is essential for understanding the potential differences in risk nature and optimal regulation. The second part of the book focuses on the risks managed by the insurance sector and the potential for systemic risk. The chapters discuss the risks both on the asset and liability sides of insurers' balance sheets. The third part of the book covers the impact of regulation on insurance companies. Existing regulation is often complex and has a large impact on insurance companies' decision-making and functioning. The chapters also illustrate the unintended consequences of various forms of regulation. The book concludes with a summary of a survey that has been conducted in collaboration with McKinsey, where insurance executives have been asked about the risks and regulation in the insurance sector. The survey provides guidance for future research on insurance markets.
Making Decisions About Liability And Insurance
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Author : Colin F. Camerer
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Making Decisions About Liability And Insurance written by Colin F. Camerer and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Two related trends have created novel challenges for managing risk in the United States. The first trend is a series of dramatic changes in liability law as tort law has expanded to assign liability to defendants for reasons other than negligence. The unpredictability of future costs induced by changes in tort law may be partly responsible for the second major trend known as the `liability crisis' - the disappearance of liability protection in markets for particularly unpredictable risks. This book examines decisions people make about insurance and liability. An understanding of such decision making may help explain why the insurance crisis resulted from the new interpretations of tort law and what to do about it. The articles cover three kinds of decisions: consumer decisions to purchase insurance; insurer decisions about coverage they offer; and the decisions of the public about the liability rules they prefer, which are reflected in legislation and regulation. For each of these three kinds of decisions, normative theories such as expected utility theory can be used as benchmarks against which actual decisions are judged.
Financial Decision Making In Markets And Firms
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Author : Werner Franciscus Marcel De Bondt
language : en
Publisher:
Release Date : 1994
Financial Decision Making In Markets And Firms written by Werner Franciscus Marcel De Bondt and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Choice (Psychology) categories.
In its attempt to model financial markets and the behavior of firms, modern finance theory starts from a set of normatively appealing axioms about individual behavior. Specifically, people are said to be risk-averse expected utility maximizers and unbiased Bayesian forecasters, i.e., agents make rational choices based on rational expectations. The rational paradigm may be criticized, however, because (1) the assumptions are descriptively false and incomplete, and (2) the theory often lacks predictive power. One way to make progress is to characterize actual decision- making behavior. Efforts along these lines are made by behavioral economists and psychologists. This paper provides a selective review of recent work in behavioral finance. First, we ask why economists should be concerned with the psychology of decision-making. Next, we discuss a series of key behavioral concepts, e.g., people's well-known tendencies to give too much weight to vivid information and to show excessive self-confidence. The body of the paper illustrates the relevance of these concepts to important topics in investment theory and corporate finance. In each case, behavioral finance offers a new perspective on results that are anomalous within the standard approach.
Handbook Of Behavioral Economics Foundations And Applications 1
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Author :
language : en
Publisher: Elsevier
Release Date : 2018-09-27
Handbook Of Behavioral Economics Foundations And Applications 1 written by and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-27 with Business & Economics categories.
Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics Written for those who wish to become quickly acquainted with behavioral economics
Policy And Choice
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Author : William J. Congdon
language : en
Publisher: Brookings Institution Press
Release Date : 2011
Policy And Choice written by William J. Congdon and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
Argues that public finance--the study of the government's role in economics--should incorporate principles from behavior economics and other branches of psychology.
The Economics Of Artificial Intelligence
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Author : Ajay Agrawal
language : en
Publisher: University of Chicago Press
Release Date : 2024-03-05
The Economics Of Artificial Intelligence written by Ajay Agrawal and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-03-05 with Business & Economics categories.
A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system.
Consumer Behaviour And Decision Making From Officed Based Doctors
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Author : Claudia Pitterle
language : en
Publisher: Cuvillier Verlag
Release Date :
Consumer Behaviour And Decision Making From Officed Based Doctors written by Claudia Pitterle and has been published by Cuvillier Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
As individuals, we face the challenge of making numerous decisions every day. Although some of them are made consciously, the majority are made unconsciously and automatically (Pöppel, 2007, p. 22). Especially in the insurance sector, which is one of the more complex fields of decisionmaking, these decisions have far-reaching significance. The discussion of risk protection and individual insurance demand is gaining in importance, especially against the backdrop of climate change, cyber-attacks and global health crises such as the COVID 19 pandemic. The literature research in the context of these interests revealed that studies and surveys in Germany, Europe, as well as in North America repeatedly identify structural insurance gaps and a tendency towards underinsurance. This reveals systematic deviations from economically appropriate insurance coverage. There is even talk of “misinsurance” due to incorrect risk perception, assessment, and evaluation on the part of the policyholders. From a behavioural economics perspective, these patterns can be attributed to heuristics and cognitive biases that influence the decision-making of the insured (European Commission, 2017; GDV, 2020; GoslarInstitut, 2016, Kunreuther et al., 2013, Richter et al., 2019). Based on these findings, the commercial insurance coverage of doctors in private practice was evaluated and the demand for insurance was investigated. Officed- based doctors in Germany are central actors in the health care system and so far, there is no specific study on their coverage behaviour. The aim of the thesis was therefore to examine the officed- based doctors’ behaviours towards professional safe-guarding risks. With a further objective to investigate the use of heuristics and identify factors indicating deviations from economically adequate insurance coverage, to better understand manifested decision-making behaviour.