Footnote:
In: Journal of Risk and Uncertainty, Vol. 7, No. 1, 1993
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 1993 erstellt
Description:
A series of studies examines whether certain biases in probability assessments and perceptions of loss, previously found in experimental studies, affect consumers' decisions about insurance. Framing manipulations lead the consumers studied here to make hypothetical insurance-purchase choices that violate basic laws of probability and value. Subjects exhibit distortions in their perception of risk and framing effects in evaluating premiums and benefits. Illustrations from insurance markets suggest that the same effects occur when consumers make actual insurance purchases