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Insurance and Behavioral Economics - Improving Decisions in the Most Misunderstood Industry (Hardcover, New)
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Insurance and Behavioral Economics - Improving Decisions in the Most Misunderstood Industry (Hardcover, New)
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Insurance is an extraordinarily useful tool to manage risk. When it
works as intended, it provides financial protection to individuals
and a profitable business model for insurance firms and their
investors. But it is broadly misunderstood by consumers,
regulators, and insurance executives. This book looks at the
behavior of individuals at risk, insurance industry decision
makers, and policy makers at the local, state, and federal level
involved in the selling, buying, and regulating of insurance. It
compares their actions to those predicted by benchmark models of
choice derived from classical economic theory. When actual choices
stray from predictions, the behavior is considered to be anomalous.
With considerable sums of money at stake, both in consumer premiums
and insurance company payouts, it is important to understand the
reasons for anomalous behavior. Howard Kunreuther, Mark Pauly, and
Stacey McMorrow examine these anomalies through the lens of
behavioral economics, which takes into account emotions, biases,
and simplified decision rules. The authors then consider if and how
such behavioral anomalies could be modified to improve individual
and social welfare. This book is neither a defense of the insurance
industry nor an attack on it. Neither is it a consumer guide to
purchasing insurance, although the authors believe that consumers
will benefit from the insights it contains. Rather, 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.
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