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Narrow framing and long-term care insurance

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

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Identification Number: 10.1111/jori.12290


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:
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: 20 Oct 2021 00:59

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