Gottlieb, Daniel ORCID: 0000-0002-0555-6185 and Mitchell, Olivia S
(2019)
Narrow framing and long-term care insurance.
Journal of Risk and Insurance.
pp. 1-33.
ISSN 0022-4367
Identification Number: 10.1111/jori.12290
Abstract
We propose a model of narrow framing in insurance and test it using data from a new module we designed and fielded in the Health and Retirement Study. We show that respondents subject to narrow framing are substantially less likely to buy long-term care insurance than average. This effect is much larger than the effects of risk aversion or adverse selection, and it offers a new explanation for why people underinsure their later-life care needs.
Item Type: | Article |
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Official URL: | https://onlinelibrary.wiley.com/journal/15396975 |
Additional Information: | © 2019 The Authors |
Divisions: | Management |
Subjects: | H Social Sciences > HC Economic History and Conditions |
Date Deposited: | 18 Nov 2019 17:00 |
Last Modified: | 16 Aug 2024 05:36 |
URI: | http://eprints.lse.ac.uk/id/eprint/102565 |
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