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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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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
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: 25 Jan 2020 00:13
URI: http://eprints.lse.ac.uk/id/eprint/102565

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