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Framing, Probability Distortions, and Insurance Decisions

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Author Info
 Johnson, Eric J, et al
Abstract

A series of studies examines whether certain biases in probability assessments and perceptions of loss, previously found in experimental studies, affect consumers' decisions about insurance. Framing manipulations lead the consumers studied here to make hypothetical insurance-purchase choices that violate basic laws of probability and value. Subjects exhibit distortions in their perception of risk and framing effects in evaluating premiums and benefits. Illustrations from insurance markets suggest that the same effects occur when consumers make actual insurance purchases. Coauthors are John Hershey, Jacqueline Meszaros, and Howard Kunreuther. Copyright 1993 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 7 (1993)
Issue (Month): 1 (August)
Pages: 35-51
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Handle: RePEc:kap:jrisku:v:7:y:1993:i:1:p:35-51

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  1. Paul Kleindorfer & Howard Kunreuther, 1997. "The Complementary Roles of Mitigation and Insurance in Managing Catastrophic Risks," Center for Financial Institutions Working Papers 98-14, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
  2. Messer, Kent & Kaiser, Harry & Schulze, William, 2004. "Status-Quo-Bias and Voluntary Contributions: Can Lab Experiments Parallel Real World Outcomes for Generic Advertising?," 2004 Annual meeting, August 1-4, Denver, CO 20072, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  3. Eric Langlais, 2008. "On insurance contract design for low probability events," EconomiX Working Papers 2008-33, University of Paris West - Nanterre la Défense, EconomiX. [Downloadable!]
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  4. Barbara Summers & Nicholas Wilson, 2002. "An Empirical Investigation of Trade Credit Demand," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 9(2), pages 257-270, July. [Downloadable!] (restricted)
  5. John Beshears & James J. Choi & David Laibson & Brigitte C. Madrian, 2006. "The Importance of Default Options for Retirement Savings Outcomes: Evidence from the United States," NBER Working Papers 12009, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Daniel Kahneman, 2003. "Maps of Bounded Rationality: Psychology for Behavioral Economics," American Economic Review, American Economic Association, vol. 93(5), pages 1449-1475, December. [Downloadable!]
  7. David H. Krantz & Howard C. Kunreuther, 2007. "Goals and plans in decision making," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 2, pages 137-168, June. [Downloadable!]
  8. Anderson, C. Leigh & Stamoulis, Kostas, 2006. "Applying Behavioural Economics to International Development Policy," Working Papers RP2006/24, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  9. Shawn Cole & Xavier Giné & Jeremy Tobacman & Petia Topalova & Robert Townsend & James Vickery, 2009. "Barriers to household risk management: evidence from India," Staff Reports 373, Federal Reserve Bank of New York. [Downloadable!]
  10. John Beshears & James J. Choi & David Laibson & Brigitte C. Madrian, 2008. "How are Preferences Revealed?," NBER Working Papers 13976, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Brigitte C. Madrian & Dennis F. Shea, 2000. "The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior," NBER Working Papers 7682, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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