Economic experiments, hypothetical surveys and market data studies of insurance demand against low‐probability/high‐impact risks: A systematic review of designs, theoretical insights and determinants of demand

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Abstract

This paper provides a systematic review of the literature on 80 experimental, hypothetical survey and market data studies of insurance demand against low-probability/high-impact risks. The objective of the review is to extract lessons from these studies and to outline an agenda for future research. We contrast the results of experimental and survey studies to findings from market data. We focus on experimental design methods, insurance characteristics, as well as results about theories, heuristics, behavioural biases and explanatory variables. Lessons for policymakers are drawn which can facilitate disaster preparedness.

Original languageEnglish
Pages (from-to)1493-1530
JournalJournal of Economic Surveys
Volume33
Issue number5
Early online date29 Jul 2019
DOIs
Publication statusPublished - Dec 2019

Keywords

  • Economic experiment
  • Hypothetical survey
  • Insurance demand
  • Low-probability/high-impact events
  • Market data

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