Insurance and Behavioral Economics

Improving Decisions in the Most Misunderstood Industry

Business & Finance, Management & Leadership, Industrial Management, Nonfiction, Reference & Language, Reference
Cover of the book Insurance and Behavioral Economics by Professor Howard C. Kunreuther, Professor Mark V. Pauly, Dr Stacey McMorrow, Cambridge University Press
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Author: Professor Howard C. Kunreuther, Professor Mark V. Pauly, Dr Stacey McMorrow ISBN: 9781139609845
Publisher: Cambridge University Press Publication: January 28, 2013
Imprint: Cambridge University Press Language: English
Author: Professor Howard C. Kunreuther, Professor Mark V. Pauly, Dr Stacey McMorrow
ISBN: 9781139609845
Publisher: Cambridge University Press
Publication: January 28, 2013
Imprint: Cambridge University Press
Language: English

This book examines the behavior of individuals at risk and insurance industry decision makers involved in selling, buying and regulation. It compares their actions to those predicted by benchmark models of choice derived from classical economic theory. Where actual choices stray from predictions, the behavior is considered to be anomalous. Howard C. Kunreuther, Mark Pauly and Stacey McMorrow attempt to understand why these anomalies occur, in many cases using insights from behavioral economics. The authors then consider if and how such behavioral anomalies could be modified to improve individual and social welfare. This book describes situations in which both public policy and the insurance industry's collective posture need to change. This may require incentives, rules and institutions to help reduce both inefficient and anomalous behavior, thereby encouraging behavior that will improve individual and social welfare.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

This book examines the behavior of individuals at risk and insurance industry decision makers involved in selling, buying and regulation. It compares their actions to those predicted by benchmark models of choice derived from classical economic theory. Where actual choices stray from predictions, the behavior is considered to be anomalous. Howard C. Kunreuther, Mark Pauly and Stacey McMorrow attempt to understand why these anomalies occur, in many cases using insights from behavioral economics. The authors then consider if and how such behavioral anomalies could be modified to improve individual and social welfare. This book describes situations in which both public policy and the insurance industry's collective posture need to change. This may require incentives, rules and institutions to help reduce both inefficient and anomalous behavior, thereby encouraging behavior that will improve individual and social welfare.

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