Insurance and Behavioral Economics by Howard C. Kunreuther, M... - 9780521845724

Insurance and Behavioral EconomicsImproving Decisions in the Most Misunderstood Industry\nAuthor(s): Howard C. Kunreuther, Mark V. Pauly, Stacey McMorrow\nFormat: Hardback\nPublisher: Cambridge University Press, United Kingdom\nImprint: Cambridge University Press\nISBN-13: 9780521845724, 978-0521845724\nSynopsis\nThis 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 a.