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Economic Experiments, Hypothetical Surveys And Market Data Studies Of Insurance Demand Against Low‐Probability/High‐Impact Risks: A Systematic Review Of Designs, Theoretical Insights And Determinants Of Demand

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  • Peter John Robinson
  • Willem Jan Wouter Botzen

Abstract

This paper provides a systematic review of the literature on 80 experimental, hypothetical survey and market data studies of insurance demand against low‐probability/high‐impact risks. The objective of the review is to extract lessons from these studies and to outline an agenda for future research. We contrast the results of experimental and survey studies to findings from market data. We focus on experimental design methods, insurance characteristics, as well as results about theories, heuristics, behavioural biases and explanatory variables. Lessons for policymakers are drawn which can facilitate disaster preparedness.

Suggested Citation

  • Peter John Robinson & Willem Jan Wouter Botzen, 2019. "Economic Experiments, Hypothetical Surveys And Market Data Studies Of Insurance Demand Against Low‐Probability/High‐Impact Risks: A Systematic Review Of Designs, Theoretical Insights And Determinants ," Journal of Economic Surveys, Wiley Blackwell, vol. 33(5), pages 1493-1530, December.
    • Handle: RePEc:bla:jecsur:v:33:y:2019:i:5:p:1493-1530
    DOI: 10.1111/joes.12332
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    Cited by:

    1. Peter John Robinson & W. J. Wouter Botzen & Fujin Zhou, 2021. "An experimental study of charity hazard: The effect of risky and ambiguous government compensation on flood insurance demand," Journal of Risk and Uncertainty, Springer, vol. 63(3), pages 275-318, December.
    2. 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.

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