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Insurance for Low-Probability Hazards: A Bimodal Response to Unlikely Events

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Cited by:

  1. Xiao Lin, 2020. "Risk awareness and adverse selection in catastrophe insurance: Evidence from California’s residential earthquake insurance market," Journal of Risk and Uncertainty, Springer, vol. 61(1), pages 43-65, August.
  2. Johannes G. Jaspersen & Vijay Aseervatham, 2017. "The Influence of Affect on Heuristic Thinking in Insurance Demand," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 84(1), pages 239-266, March.
  3. Howard Kunreuther & Erwann Michel-Kerjan, 2015. "Demand for fixed-price multi-year contracts: Experimental evidence from insurance decisions," Journal of Risk and Uncertainty, Springer, vol. 51(2), pages 171-194, October.
  4. Matthew D. Rablen, 2023. "Loss Aversion, Risk Aversion, and the Shape of the Probability Weighting Function," Working Papers 2023013, The University of Sheffield, Department of Economics.
  5. John C. Whitehead, 2006. "Willingness to Pay for Low Probability, Low Loss Hazard Insurance," Working Papers 06-08, Department of Economics, Appalachian State University.
  6. Gubanova, Tatiana & Adamowicz, Wiktor L. & McMillan, Melville, 2009. "‘Pocket and Pot’: Hypothetical Bias in a No-Free-Riding Public Contribution Game," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49318, Agricultural and Applied Economics Association.
  7. Lauge N. Skovgaard Poulsen & Emma Aisbett, 2011. "When the Claim Hits: Bilateral Investment Treaties and Bounded Rational Learning," Crawford School Research Papers 1105, Crawford School of Public Policy, The Australian National University.
  8. Keefer, Philip & Neumayer, Eric & Plümper, Thomas, 2011. "Earthquake Propensity and the Politics of Mortality Prevention," World Development, Elsevier, vol. 39(9), pages 1530-1541, September.
  9. James Murphy & P. Allen & Thomas Stevens & Darryl Weatherhead, 2005. "A Meta-analysis of Hypothetical Bias in Stated Preference Valuation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 30(3), pages 313-325, March.
  10. Jeroen Hinloopen & Adriaan R. Soetevent, 2020. "(Non‐)Insurance Markets, Loss Size Manipulation and Competition: Experimental Evidence," Journal of Industrial Economics, Wiley Blackwell, vol. 68(4), pages 819-856, December.
  11. Théodora Dupont-Courtade, 2012. "Insurance demand under ambiguity and conflict for extreme risks : Evidence from a large representative survey," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00718642, HAL.
  12. J. Price & D. Dupont & W. Adamowicz, 2017. "As Time Goes By: Examination of Temporal Stability Across Stated Preference Question Formats," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 68(3), pages 643-662, November.
  13. Susan Laury & Melayne McInnes & J. Swarthout, 2009. "Insurance decisions for low-probability losses," Journal of Risk and Uncertainty, Springer, vol. 39(1), pages 17-44, August.
  14. Edward Balistreri & Gary McClelland & Gregory Poe & William Schulze, 2001. "Can Hypothetical Questions Reveal True Values? A Laboratory Comparison of Dichotomous Choice and Open-Ended Contingent Values with Auction Values," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 18(3), pages 275-292, March.
  15. Daniel Sutter & Marc Poitras, 2010. "Do people respond to low probability risks? Evidence from tornado risk and manufactured homes," Journal of Risk and Uncertainty, Springer, vol. 40(2), pages 181-196, April.
  16. Brunette, Marielle & Couture, Stéphane, 2008. "Public compensation for windstorm damage reduces incentives for risk management investments," Forest Policy and Economics, Elsevier, vol. 10(7-8), pages 491-499, October.
  17. Nicolas Jacquemet & Stephane Luchini & Robert-Vincent Joule & Jason Shogren, 2008. "Do French student really bid sincerely?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00277282, HAL.
  18. Yan, Jubo & Kniffin, Kevin M. & Kunreuther, Howard C. & Schulze, William D., 2020. "The roles of reason and emotion in private and public responses to terrorism," Journal of Economic Behavior & Organization, Elsevier, vol. 180(C), pages 778-796.
  19. Horst Zank, 2007. "On the Paradigm of Loss Aversion," Economics Discussion Paper Series 0710, Economics, The University of Manchester.
  20. Philip Ganderton & David Brookshire & Michael McKee & Steve Stewart & Hale Thurston, 2000. "Buying Insurance for Disaster-Type Risks: Experimental Evidence," Journal of Risk and Uncertainty, Springer, vol. 20(3), pages 271-289, May.
  21. List, John A. & Shogren, Jason F., 2002. "Calibration of Willingness-to-Accept," Journal of Environmental Economics and Management, Elsevier, vol. 43(2), pages 219-233, March.
  22. Marc A. Ragin & Benjamin L. Collier & Johannes G. Jaspersen, 2021. "The effect of information disclosure on demand for high‐load insurance," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 88(1), pages 161-193, March.
  23. Brown Kruse, Jamie & Thompson, Mark A., 2001. "A comparison of salient rewards in experiments: money and class points," Economics Letters, Elsevier, vol. 74(1), pages 113-117, December.
  24. Schade, Christian & Kunreuther, Howard & Kaas, Klaus Peter, 2002. "Low-probability insurance decisions: The role of concern," SFB 373 Discussion Papers 2002,23, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  25. Théodora Dupont-Courtade, 2012. "Insurance demand under ambiguity and conflict for extreme risks: Evidence from a large representative survey," Documents de travail du Centre d'Economie de la Sorbonne 12020, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  26. Michèle Cohen & Johanna Etner & Meglena Jeleva, 2008. "Dynamic Decision Making when Risk Perception Depends on Past Experience," Theory and Decision, Springer, vol. 64(2), pages 173-192, March.
  27. Fan Liu, 2018. "Why Buy Accident Forgiveness Policies? An Experiment," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 10(8), pages 1-1, August.
  28. Yilin Zou & Alexia Stock & Rachel Davidson & Linda Nozick & Joseph Trainor & Jamie Kruse, 2020. "Perceived attributes of hurricane-related retrofits and their effect on household adoption," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 104(1), pages 201-224, October.
  29. Ozlem Ozdemir & Andrea Morone, 2014. "An experimental investigation of insurance decisions in low probability and high loss risk situations," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 9(1), pages 53-67, April.
  30. Osberghaus, Daniel & Reif, Christiane, 2021. "How do different compensation schemes and loss experience affect insurance decisions? Experimental evidence from two independent and heterogeneous samples," Ecological Economics, Elsevier, vol. 187(C).
  31. Nicolò Barbieri & Massimiliano Mazzanti & Anna Montini & Andrea Rampa, 2022. "Risk Attitudes to Catastrophic Events: VSL and WTP for Insurance Against Earthquakes," Economics of Disasters and Climate Change, Springer, vol. 6(2), pages 317-337, July.
  32. Andreas Richter & Jörg Schiller & Harris Schlesinger, 2014. "Behavioral insurance: Theory and experiments," Journal of Risk and Uncertainty, Springer, vol. 48(2), pages 85-96, April.
  33. Howard Kunreuther, 2020. "Risk Management Solutions for Climate Change–Induced Disasters," Risk Analysis, John Wiley & Sons, vol. 40(S1), pages 2263-2271, November.
  34. Leblois, A. & Le Cotty, T. & Maître d'Hôtel, E., 2020. "How Might Climate Change Influence farmers' Demand for Index-Based Insurance?," Ecological Economics, Elsevier, vol. 176(C).
  35. Manzini, Paola & Mariotti, Marco, 2018. "Dual random utility maximisation," Journal of Economic Theory, Elsevier, vol. 177(C), pages 162-182.
  36. Irma Machielse & Danielle Timmermans & Peter Wakker, 2007. "The effects of statistical information on risk ambiguity attitudes, and on rational insurance decisions," Natural Field Experiments 00338, The Field Experiments Website.
  37. Peter John Robinson & W. J. Wouter Botzen, 2018. "The impact of regret and worry on the threshold level of concern for flood insurance demand: Evidence from Dutch homeowners," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 13(3), pages 237-245, May.
  38. Manzini, Paola & Mariotti, Marco, 2018. "Dual random utility maximisation," Journal of Economic Theory, Elsevier, vol. 177(C), pages 162-182.
  39. repec:hal:journl:hal-00536925 is not listed on IDEAS
  40. Marielle Brunette & Laure Cabantous & Stéphane Couture & Anne Stenger, 2008. "Insurance Demand for Disaster-type Risks and the Separation of Attitudes toward Risk and Ambiguity: an Experimental Study," Working Papers - Cahiers du LEF 2008-05, Laboratoire d'Economie Forestiere, AgroParisTech-INRA.
  41. Andrea Rampa, 2020. "Climate change, catastrophes and Dismal Theorem: a critical review [Klimawandel, Katastrophen und das „Dismal Theorem“: eine kritische Überprüfung]," Review of Regional Research: Jahrbuch für Regionalwissenschaft, Springer;Gesellschaft für Regionalforschung (GfR), vol. 40(2), pages 113-136, October.
  42. Knapp, S. & Bijwaard, G.E. & Heij, C., 2010. "Estimated Incident Cost Savings in Shipping Due to Inspections," Econometric Institute Research Papers EI 2010-28, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
  43. Andreas Friedl & Katharina Lima de Miranda & Ulrich Schmidt, 2014. "Insurance demand and social comparison: An experimental analysis," Journal of Risk and Uncertainty, Springer, vol. 48(2), pages 97-109, April.
  44. Hasson, Reviva & Löfgren, Åsa & Visser, Martine, 2010. "Climate change in a public goods game: Investment decision in mitigation versus adaptation," Ecological Economics, Elsevier, vol. 70(2), pages 331-338, December.
  45. Ulrich Schmidt, 2016. "Insurance Demand Under Prospect Theory: A Graphical Analysis," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 83(1), pages 77-89, January.
  46. Daniel R. Petrolia & Craig E. Landry & Keith H. Coble, 2013. "Risk Preferences, Risk Perceptions, and Flood Insurance," Land Economics, University of Wisconsin Press, vol. 89(2), pages 227-245.
  47. Vickie Bajtelsmit & Jennifer Coats & Paul Thistle, 2015. "The effect of ambiguity on risk management choices: An experimental study," Journal of Risk and Uncertainty, Springer, vol. 50(3), pages 249-280, June.
  48. Lu, Richard & Yang, Min-Hsien & Zeng,Qiao-Ling, 2023. "An Empirical Study on Aquaculture Insurance Purchase in Taiwan from A Behavioral Economics Perspective," International Journal of Food and Agricultural Economics (IJFAEC), Alanya Alaaddin Keykubat University, Department of Economics and Finance, vol. 11(4), October.
  49. Michael Theil, 2003. "The Value of Personal Contact in Marketing Insurance: Client Judgments of Representativeness and Mental Availability," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 6(2), pages 145-157, September.
  50. repec:cup:judgdm:v:13:y:2018:i:3:p:237-245 is not listed on IDEAS
  51. Erwann Michel‐Kerjan & Sabine Lemoyne de Forges & Howard Kunreuther, 2012. "Policy Tenure Under the U.S. National Flood Insurance Program (NFIP)," Risk Analysis, John Wiley & Sons, vol. 32(4), pages 644-658, April.
  52. Horst Zank, 2010. "On probabilities and loss aversion," Theory and Decision, Springer, vol. 68(3), pages 243-261, March.
  53. Brunette, Marielle & Couture, Stéphane, 2008. "Assurances et activités de réduction des risques en foresterie : une approche théorique," Review of Agricultural and Environmental Studies - Revue d'Etudes en Agriculture et Environnement (RAEStud), Institut National de la Recherche Agronomique (INRA), vol. 86(1).
  54. Mark Browne & Christian Knoller & Andreas Richter, 2015. "Behavioral bias and the demand for bicycle and flood insurance," Journal of Risk and Uncertainty, Springer, vol. 50(2), pages 141-160, April.
  55. Susan K. Laury & Melayne Morgan McInnes & J. Todd Swarthout, 2008. "Insurance Purchase for Low-Probability Losses," Experimental Economics Center Working Paper Series 2008-03, Experimental Economics Center, Andrew Young School of Policy Studies, Georgia State University, revised Oct 2008.
  56. repec:cup:judgdm:v:10:y:2015:i:4:p:365-385 is not listed on IDEAS
  57. Morone, Andrea & Ozdemir, Ozlem, 2012. "Black swan protection: an experimental investigation," MPRA Paper 38842, University Library of Munich, Germany.
  58. Mona Ahmadiani & Susana Ferreira & Craig E. Landry, 2019. "Flood Insurance and Risk Reduction: Market Penetration, Coverage, and Mitigation in Coastal North Carolina," Southern Economic Journal, John Wiley & Sons, vol. 85(4), pages 1058-1082, April.
  59. Wändi Bruine de Bruin & Andrew Parker & Jürgen Maurer, 2011. "Assessing small non-zero perceptions of chance: The case of H1N1 (swine) flu risks," Journal of Risk and Uncertainty, Springer, vol. 42(2), pages 145-159, April.
  60. Botzen, W.J.W. & van den Bergh, J.C.J.M., 2012. "Risk attitudes to low-probability climate change risks: WTP for flood insurance," Journal of Economic Behavior & Organization, Elsevier, vol. 82(1), pages 151-166.
  61. Carolyn Kousky & Erwann Michel-Kerjan, 2017. "Examining Flood Insurance Claims in the United States: Six Key Findings," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 84(3), pages 819-850, September.
  62. Khong, Tien Dung & Young, Michael D. & Loch, Adam & Thennakoon, Jayanthi, 2018. "Mekong River Delta farm-household willingness to pay for salinity intrusion risk reduction," Agricultural Water Management, Elsevier, vol. 200(C), pages 80-89.
  63. Glenn W. Harrison & Jia Min Ng, 2019. "Behavioral insurance and economic theory: A literature review," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 22(2), pages 133-182, July.
  64. Bazzana, Davide & Colturato, Michele & Savona, Roberto, 2023. "Learning about unprecedented events: Agent-based modelling and the stock market impact of COVID-19," Finance Research Letters, Elsevier, vol. 56(C).
  65. Schmidt, Ulrich, 2012. "Insurance demand and prospect theory," Kiel Working Papers 1750, Kiel Institute for the World Economy (IfW Kiel).
  66. Andrea Morone & Ozlem Ozdemir, 2006. "Valuing Protection against Low Probability, High Loss Risks: Experimental Evidence," Papers on Strategic Interaction 2006-34, Max Planck Institute of Economics, Strategic Interaction Group.
  67. Schade, Christian & Kunreuther, Howard, 2002. "Worry and the illusion of safety: Evidence from a real-objects experiment," SFB 373 Discussion Papers 2002,25, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  68. Johannes G. Jaspersen, 2016. "Hypothetical Surveys And Experimental Studies Of Insurance Demand: A Review," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 83(1), pages 217-255, January.
  69. Marielle Brunette & Stephane Couture, 2007. "Effects of Public Compensation for Disaster Damages on Private Insurance and Forest Management Decisions," Working Papers - Cahiers du LEF 2007-06, Laboratoire d'Economie Forestiere, AgroParisTech-INRA.
  70. 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.
  71. Jason Shachat & Anthony Westerling, 2006. "Information aggregation in a catastrophe futures market," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 27(6), pages 477-495.
  72. Shereen J. Chaudhry & Michael Hand & Howard Kunreuther, 2020. "Broad bracketing for low probability events," Journal of Risk and Uncertainty, Springer, vol. 61(3), pages 211-244, December.
  73. W.J. Wouter Botzen & Howard Kunreuther & Erwann Michel-Kerjan, 2015. "Divergence between individual perceptions and objective indicators of tail risks: Evidence from floodplain residents in New York City," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 10(4), pages 365-385, July.
  74. Craig E. Landry & Mohammad R. Jahan‐Parvar, 2011. "Flood Insurance Coverage in the Coastal Zone," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 78(2), pages 361-388, June.
  75. SATO, Motohiro & 佐藤, 主光 & SAITO, Makoto & 齊藤, 誠, 2011. "The context effect in the choice of earthquake insurance contracts in Japan," Discussion Papers 2011-10, Graduate School of Economics, Hitotsubashi University.
  76. Johannes G. Jaspersen & Marc A. Ragin & Justin R. Sydnor, 2019. "Predicting Insurance Demand from Risk Attitudes," NBER Working Papers 26508, National Bureau of Economic Research, Inc.
  77. Kruse, Jamie Brown & Thompson, Mark A., 2003. "Valuing low probability risk: survey and experimental evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 50(4), pages 495-505, April.
  78. Johannes G. Jaspersen & Gilberto Montibeller, 2015. "Probability Elicitation Under Severe Time Pressure: A Rank‐Based Method," Risk Analysis, John Wiley & Sons, vol. 35(7), pages 1317-1335, July.
  79. repec:cup:judgdm:v:2:y:2007:i::p:137-168 is not listed on IDEAS
  80. Kivi, Paul A. & Shogren, Jason F., 2011. "Low-probability rational spillovers," Economics Letters, Elsevier, vol. 110(1), pages 25-27, January.
  81. W. J. Wouter Botzen & Howard Kunreuther & Erwann Michel-Kerjan, 2019. "Protecting against disaster risks: Why insurance and prevention may be complements," Journal of Risk and Uncertainty, Springer, vol. 59(2), pages 151-169, October.
  82. Peter Brooks & Horst Zank, 2005. "Loss Averse Behavior," Journal of Risk and Uncertainty, Springer, vol. 31(3), pages 301-325, December.
  83. Howard Kunreuther & Geoffrey Heal, 2012. "Managing Catastrophic Risk," NBER Working Papers 18136, National Bureau of Economic Research, Inc.
  84. Johannes G. Jaspersen & Marc A. Ragin & Justin R. Sydnor, 2022. "Predicting insurance demand from risk attitudes," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 89(1), pages 63-96, March.
  85. Howard Kunreuther, 2006. "Disaster Mitigation and Insurance: Learning from Katrina," The ANNALS of the American Academy of Political and Social Science, , vol. 604(1), pages 208-227, March.
  86. P Brooks & H Zank, 2004. "Attitudes on Gain and Loss Lotteries: A Simple Experiment," Economics Discussion Paper Series 0402, Economics, The University of Manchester.
  87. Mol, Jantsje M. & Botzen, W.J. Wouter & Blasch, Julia E., 2020. "Behavioral motivations for self-insurance under different disaster risk insurance schemes," Journal of Economic Behavior & Organization, Elsevier, vol. 180(C), pages 967-991.
  88. Soetevent, Adriaan & Hinloopen, Jeroen, 2016. "(Non-)Insurance Markets, Loss Size Manipulation and Competition," Research Report 16009-EEF, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  89. Giuseppe Attanasi & Laura Concina & Caroline Kamaté & Valentina Rotondi, 2020. "Firm’s protection against disasters: are investment and insurance substitutes or complements?," Theory and Decision, Springer, vol. 88(1), pages 121-151, February.
  90. Peter John Robinson & W. J. Wouter Botzen, 2019. "Determinants of Probability Neglect and Risk Attitudes for Disaster Risk: An Online Experimental Study of Flood Insurance Demand among Homeowners," Risk Analysis, John Wiley & Sons, vol. 39(11), pages 2514-2527, November.
  91. Théodora Dupont-Courtade, 2012. "Insurance demand under ambiguity and conflict for extreme risks : Evidence from a large representative survey," Post-Print halshs-00718642, HAL.
  92. Hua Guo & Yang Zhang & Yanling Peng & Tong Luo & Hong Wang, 2022. "Does COVID-19 Affect Household Financial Behaviors? Fresh Evidence From China," SAGE Open, , vol. 12(3), pages 21582440221, August.
  93. Dong Wang & Rachel A. Davidson & Joseph E. Trainor & Linda K. Nozick & Jamie Kruse, 2017. "Homeowner purchase of insurance for hurricane-induced wind and flood damage," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 88(1), pages 221-245, August.
  94. Botzen, W.J. Wouter & de Boer, Joop & Terpstra, Teun, 2013. "Framing of risk and preferences for annual and multi-year flood insurance," Journal of Economic Psychology, Elsevier, vol. 39(C), pages 357-375.
  95. Zewen Hu & Xiaocai Zhang & Jingjing Cui & Lijie Zhang & Wasim Ahmed, 2021. "A survey-based analysis of the public’s willingness for disaster relief in China," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 107(3), pages 2205-2225, July.
  96. Si, Binghui & Tian, Zhichao & Jin, Xing & Zhou, Xin & Shi, Xing, 2019. "Ineffectiveness of optimization algorithms in building energy optimization and possible causes," Renewable Energy, Elsevier, vol. 134(C), pages 1295-1306.
  97. Peter P. Wakker & Daniëlle R. M. Timmermans & Irma Machielse, 2007. "The Effects of Statistical Information on Risk and Ambiguity Attitudes, and on Rational Insurance Decisions," Management Science, INFORMS, vol. 53(11), pages 1770-1784, November.
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