Catastrophic risk: social influences on insurance decisions

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Theory and Decision 82 (3):309-326 (2017)
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Abstract

We study behavioral patterns of insurance demand for low-probability large-loss events. Individual patterns of belief formation and risk attitude that were suggested in the behavioral decisions literature emerge robustly in the current set of insurance choices. However, social comparison effects are less robust. We do not find any evidence for peer effects on insurance take-up. In contrast, we find support for the prediction that people underweight others’ relevant information in their own decision making.

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10.1007/s11238-016-9571-y

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Prospect Theory: For Risk and Ambiguity.Peter P. Wakker - 2010 - Cambridge University Press.

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