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Probability weighting and insurance demand in a unified framework

Author

Listed:
  • Johannes G. Jaspersen

    (LMU Munich)

  • Richard Peter

    (University of Iowa)

  • Marc A. Ragin

    (University of Georgia)

Abstract

We provide a comprehensive analysis of the impact of probability weighting on optimal insurance demand in a unified framework. We identify decreasing relative overweighting as a new local condition on the probability weighting function that is useful for comparative static analysis. We discuss the effects of probability weighting on coinsurance, deductible choice, insurance demand for low-probability, high-impact risks versus high-probability, low-impact risks, and insurance demand in the presence of nonperformance risk. Probability weighting can make better or worse predictions than expected utility depending on the insurance demand problem at hand.

Suggested Citation

  • Johannes G. Jaspersen & Richard Peter & Marc A. Ragin, 2023. "Probability weighting and insurance demand in a unified framework," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 48(1), pages 63-109, March.
    • Handle: RePEc:pal:genrir:v:48:y:2023:i:1:d:10.1057_s10713-022-00074-x
    DOI: 10.1057/s10713-022-00074-x
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