Insurance Decision Making And Market Behavior

Author : Howard Kunreuther,Mark Pauly
Publisher : Now Publishers Inc
Page : 80 pages
File Size : 46,5 Mb
Release : 2006
Category : Business & Economics
ISBN : 9781933019253

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Insurance Decision Making and Market Behavior by Howard Kunreuther,Mark Pauly Pdf

Considerable evidence suggests that many people for whom insurance is worth purchasing do not have coverage and others who appear not to need financial protection against certain events actually have purchased coverage. There are certain types of events for which one might expect to see insurance widely marketed are now viewed today by insurers as uninsurable and there are other policies one might not expect to be successfully marketed that exist on a relatively large scale. In addition, evidence suggests that cost-effective preventive measures are sometimes rewarded by insurers in ways that could change their clients' behavior. These examples reveal that insurance purchasing and marketing activities do not always produce results that are in the best interest of individuals at risk. Insurance Decision Making and Market Behavior discusses such behavior with the intent of categorizing these insurance "anomalies". It represents a first step in constructing a theory of insurance decision making to explain behavior that does not conform to standard economic models of choice and decision-making. Finally, the authors propose a set of prescriptive solutions for improving insurance decision-making.

Author : Howard C. Kunreuther,Mark V. Pauly,Stacey McMorrow
Publisher : Cambridge University Press
Page : 343 pages
File Size : 49,6 Mb
Release : 2013-01-28
Category : Business & Economics
ISBN : 9780521845724

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Insurance and Behavioral Economics by Howard C. Kunreuther,Mark V. Pauly,Stacey McMorrow Pdf

This book examines the behavior of individuals at risk and insurance industry policy makers involved in selling, buying and regulation.

Author : Howard Kunreuther
Publisher : Unknown
Page : 344 pages
File Size : 40,9 Mb
Release : 2013
Category : Consumer behavior
ISBN : 1139621009

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Insurance and Behavioral Economics by Howard Kunreuther Pdf

"This book examines the behavior of individuals at risk, insurance industry decision makers and policy makers involved in the selling, buying, and regulating of insurance"--

Author : Colin F. Camerer,Howard Kunreuther
Publisher : Springer Science & Business Media
Page : 162 pages
File Size : 49,8 Mb
Release : 1993-09-30
Category : Business & Economics
ISBN : 0792393937

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Making Decisions About Liability And Insurance by Colin F. Camerer,Howard Kunreuther Pdf

Two related trends have created novel challenges for managing risk in the United States. The first trend is a series of dramatic changes in liability law as tort law has expanded to assign liability to defendants for reasons other than negligence. The unpredictability of future costs induced by changes in tort law may be partly responsible for the second major trend known as the `liability crisis' - the disappearance of liability protection in markets for particularly unpredictable risks. This book examines decisions people make about insurance and liability. An understanding of such decision making may help explain why the insurance crisis resulted from the new interpretations of tort law and what to do about it. The articles cover three kinds of decisions: consumer decisions to purchase insurance; insurer decisions about coverage they offer; and the decisions of the public about the liability rules they prefer, which are reflected in legislation and regulation. For each of these three kinds of decisions, normative theories such as expected utility theory can be used as benchmarks against which actual decisions are judged.

Author : Felix Hufeld,Ralph S. J. Koijen,Christian Thimann
Publisher : Oxford University Press
Page : 256 pages
File Size : 42,5 Mb
Release : 2016-10-27
Category : Business & Economics
ISBN : 9780191093180

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The Economics, Regulation, and Systemic Risk of Insurance Markets by Felix Hufeld,Ralph S. J. Koijen,Christian Thimann Pdf

Despite the importance of insurance in enabling individual and collective social, economic, and financial activities, discussions about the macroeconomic role and risks of insurance markets are surprisingly limited. This book brings together academics, regulators, and industry experts to provide a multifaceted array of research and perspectives on insurance, its role and functioning, and the potential systemic risk it could create. The first part discusses the macroeconomic role of insurance and how insurance is different from banking and general finance. Understanding the differences between the balance sheets of insurers and other financial intermediaries is essential for understanding the potential differences in risk nature and optimal regulation. The second part of the book focuses on the risks managed by the insurance sector and the potential for systemic risk. The chapters discuss the risks both on the asset and liability sides of insurers' balance sheets. The third part of the book covers the impact of regulation on insurance companies. Existing regulation is often complex and has a large impact on insurance companies' decision-making and functioning. The chapters also illustrate the unintended consequences of various forms of regulation. The book concludes with a summary of a survey that has been conducted in collaboration with McKinsey, where insurance executives have been asked about the risks and regulation in the insurance sector. The survey provides guidance for future research on insurance markets.

Author : Amy Finkelstein
Publisher : Columbia University Press
Page : 161 pages
File Size : 52,7 Mb
Release : 2014-12-02
Category : Medical
ISBN : 9780231538688

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Moral Hazard in Health Insurance by Amy Finkelstein Pdf

Addressing the challenge of covering heath care expenses—while minimizing economic risks. Moral hazard—the tendency to change behavior when the cost of that behavior will be borne by others—is a particularly tricky question when considering health care. Kenneth J. Arrow’s seminal 1963 paper on this topic (included in this volume) was one of the first to explore the implication of moral hazard for health care, and Amy Finkelstein—recognized as one of the world’s foremost experts on the topic—here examines this issue in the context of contemporary American health care policy. Drawing on research from both the original RAND Health Insurance Experiment and her own research, including a 2008 Health Insurance Experiment in Oregon, Finkelstein presents compelling evidence that health insurance does indeed affect medical spending and encourages policy solutions that acknowledge and account for this. The volume also features commentaries and insights from other renowned economists, including an introduction by Joseph P. Newhouse that provides context for the discussion, a commentary from Jonathan Gruber that considers provider-side moral hazard, and reflections from Joseph E. Stiglitz and Kenneth J. Arrow. “Reads like a fireside chat among a group of distinguished, articulate health economists.” —Choice

Author : OECD
Publisher : OECD Publishing
Page : 404 pages
File Size : 41,9 Mb
Release : 2017-03-01
Category : Electronic
ISBN : 9789264270480

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Behavioural Insights and Public Policy Lessons from Around the World by OECD Pdf

This report discusses the use and reach of behavioural insights, drawing on a comprehensive collection of over 100 applications across the world and policy sectors.

Author : Anonim
Publisher : National Academies Press
Page : 76 pages
File Size : 53,9 Mb
Release : 1982-01-01
Category : Decision-making
ISBN : 8210379456XXX

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Risk and Decision Making by Anonim Pdf

Author : William J. Congdon,Jeffrey R. Kling,Sendhil Mullainathan
Publisher : Brookings Institution Press
Page : 260 pages
File Size : 52,7 Mb
Release : 2011
Category : Business & Economics
ISBN : 9780815704980

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Policy and Choice by William J. Congdon,Jeffrey R. Kling,Sendhil Mullainathan Pdf

Argues that public finance--the study of the government's role in economics--should incorporate principles from behavior economics and other branches of psychology.

Author : Ajay Agrawal,Joshua Gans,Avi Goldfarb,Catherine Tucker
Publisher : University of Chicago Press
Page : 172 pages
File Size : 44,6 Mb
Release : 2024-03-05
Category : Business & Economics
ISBN : 9780226833125

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The Economics of Artificial Intelligence by Ajay Agrawal,Joshua Gans,Avi Goldfarb,Catherine Tucker Pdf

A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system.

Author : Anonim
Publisher : Elsevier
Page : 748 pages
File Size : 41,8 Mb
Release : 2018-09-27
Category : Business & Economics
ISBN : 9780444633897

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Handbook of Behavioral Economics - Foundations and Applications 1 by Anonim Pdf

Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics Written for those who wish to become quickly acquainted with behavioral economics

Author : Institute of Medicine,Board on Health Care Services,Committee on the Consequences of Uninsurance
Publisher : National Academies Press
Page : 213 pages
File Size : 44,6 Mb
Release : 2002-06-20
Category : Medical
ISBN : 9780309083430

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Care Without Coverage by Institute of Medicine,Board on Health Care Services,Committee on the Consequences of Uninsurance Pdf

Many Americans believe that people who lack health insurance somehow get the care they really need. Care Without Coverage examines the real consequences for adults who lack health insurance. The study presents findings in the areas of prevention and screening, cancer, chronic illness, hospital-based care, and general health status. The committee looked at the consequences of being uninsured for people suffering from cancer, diabetes, HIV infection and AIDS, heart and kidney disease, mental illness, traumatic injuries, and heart attacks. It focused on the roughly 30 million-one in seven-working-age Americans without health insurance. This group does not include the population over 65 that is covered by Medicare or the nearly 10 million children who are uninsured in this country. The main findings of the report are that working-age Americans without health insurance are more likely to receive too little medical care and receive it too late; be sicker and die sooner; and receive poorer care when they are in the hospital, even for acute situations like a motor vehicle crash.

Author : National Research Council,Division of Behavioral and Social Sciences and Education,Commission on Behavioral and Social Sciences and Education,Committee on Basic Research in the Behavioral and Social Sciences
Publisher : National Academies Press
Page : 301 pages
File Size : 55,6 Mb
Release : 1988-02-01
Category : Science
ISBN : 9780309037495

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The Behavioral and Social Sciences by National Research Council,Division of Behavioral and Social Sciences and Education,Commission on Behavioral and Social Sciences and Education,Committee on Basic Research in the Behavioral and Social Sciences Pdf

This volume explores the scientific frontiers and leading edges of research across the fields of anthropology, economics, political science, psychology, sociology, history, business, education, geography, law, and psychiatry, as well as the newer, more specialized areas of artificial intelligence, child development, cognitive science, communications, demography, linguistics, and management and decision science. It includes recommendations concerning new resources, facilities, and programs that may be needed over the next several years to ensure rapid progress and provide a high level of returns to basic research.

Author : Michelle Baddeley
Publisher : Oxford University Press
Page : 144 pages
File Size : 45,8 Mb
Release : 2017-01-19
Category : Business & Economics
ISBN : 9780191071171

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Behavioural Economics: A Very Short Introduction by Michelle Baddeley Pdf

Traditionally economists have based their economic predictions on the assumption that humans are super-rational creatures, using the information we are given efficiently and generally making selfish decisions that work well for us as individuals. Economists also assume that we're doing the very best we can possibly do - not only for today, but over our whole lifetimes too. But increasingly the study of behavioural economics is revealing that our lives are not that simple. Instead, our decisions are complicated by our own psychology. Each of us makes mistakes every day. We don't always know what's best for us and, even if we do, we might not have the self-control to deliver on our best intentions. We struggle to stay on diets, to get enough exercise and to manage our money. We misjudge risky situations. We are prone to herding: sometimes peer pressure leads us blindly to copy others around us; other times copying others helps us to learn quickly about new, unfamiliar situations. This Very Short Introduction explores the reasons why we make irrational decisions; how we decide quickly; why we make mistakes in risky situations; our tendency to procrastination; and how we are affected by social influences, personality, mood and emotions. The implications of understanding the rationale for our own financial behaviour are huge. Behavioural economics could help policy-makers to understand the people behind their policies, enabling them to design more effective policies, while at the same time we could find ourselves assaulted by increasingly savvy marketing. Michelle Baddeley concludes by looking forward, to see what the future of behavioural economics holds for us. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.

Author : Claudia Pitterle
Publisher : Cuvillier Verlag
Page : 293 pages
File Size : 49,9 Mb
Release : 2024-06-15
Category : Electronic
ISBN : 9783736969582

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Consumer Behaviour and Decision-Making from Officed- Based Doctors by Claudia Pitterle Pdf

As individuals, we face the challenge of making numerous decisions every day. Although some of them are made consciously, the majority are made unconsciously and automatically (Pöppel, 2007, p. 22). Especially in the insurance sector, which is one of the more complex fields of decisionmaking, these decisions have far-reaching significance. The discussion of risk protection and individual insurance demand is gaining in importance, especially against the backdrop of climate change, cyber-attacks and global health crises such as the COVID 19 pandemic. The literature research in the context of these interests revealed that studies and surveys in Germany, Europe, as well as in North America repeatedly identify structural insurance gaps and a tendency towards underinsurance. This reveals systematic deviations from economically appropriate insurance coverage. There is even talk of “misinsurance” due to incorrect risk perception, assessment, and evaluation on the part of the policyholders. From a behavioural economics perspective, these patterns can be attributed to heuristics and cognitive biases that influence the decision-making of the insured (European Commission, 2017; GDV, 2020; GoslarInstitut, 2016, Kunreuther et al., 2013, Richter et al., 2019). Based on these findings, the commercial insurance coverage of doctors in private practice was evaluated and the demand for insurance was investigated. Officed- based doctors in Germany are central actors in the health care system and so far, there is no specific study on their coverage behaviour. The aim of the thesis was therefore to examine the officed- based doctors’ behaviours towards professional safe-guarding risks. With a further objective to investigate the use of heuristics and identify factors indicating deviations from economically adequate insurance coverage, to better understand manifested decision-making behaviour.