Insurance and Behavioral Economics Improving Decisions in the Most Misunderstood Industry

ISBN-10: 0521608260

ISBN-13: 9780521608268

Edition: 2012

List price: $22.99 Buy it from $20.24
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Description:

This book looks at the behavior of individuals at risk, insurance industry decision makers, and policy makers at the local, state, and federal level involved in the selling, buying, and regulating of insurance. 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 sometimes occur and sometimes do not, 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 is in no way a defense of the insurance industry nor an attack on it. Neither is it a consumer guide to purchasing insurance, although the authors believe that consumers will benefit from the insights it contains. Rather, 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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Book details

List price: $22.99
Copyright year: 2012
Publisher: Cambridge University Press
Publication date: 1/28/2013
Binding: Paperback
Pages: 338
Size: 6.25" wide x 9.25" long x 1.00" tall
Weight: 1.034
Language: English

Howard C. Kunreuther is Cecilia Yen Koo Professor of Decision Sciences and Public Policy at the Wharton School, University of Pennsylvania and Codirector of the Wharton Risk Management and Decision Processes Center. He is Co-Chair of the World Economic Forum's Global Agenda Council on Innovation and Leadership in Reducing Risks from Natural Disasters.

Mark Pauly is Bendheim Professor, Professor of Health Care Management, Professor of Business and Public Policy, Professor of Insurance and Risk Management, and Professor of Economics at the Wharton School of Business, University of Pennsylvania.

Stacey McMorrow is a research associate in the Health Policy Center at the Urban Institute, Washington, DC. She is currently leading a study of the effects of increased federal funding for community health centers on access to care for low-income individuals and has analyzed the potential impacts of the Affordable Care Act on small employers, individuals and families. Dr McMorrow's PhD dissertation at the University of Pennsylvania explored the market-level effects of health insurance, specifically examining the impact of a large uninsured population on the availability of specialized hospital services as well as on utilization and outcomes for Medicare beneficiaries.

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