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Narrow framing and long-term care insurance

Gottlieb, Daniel and Mitchell, Olivia S (2019) Narrow framing and long-term care insurance. Journal of Risk and Insurance. pp. 1-33. ISSN 0022-4367

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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
Official URL: https://onlinelibrary.wiley.com/journal/15396975
Additional Information: © 2019 The Authors
Divisions: Management
Date Deposited: 18 Nov 2019 17:00
Last Modified: 08 Dec 2019 00:32
URI: http://eprints.lse.ac.uk/id/eprint/102565

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