Are Risk Preferences Stable across Contexts? Evidence from Insurance Data

被引：99

作者：

Barseghyan, Levon ^{[1
]}

Prince, Jeffrey ^{[2
]}

Teitelbaum, Joshua C. ^{[3
]}

机构：

[1] Cornell Univ, Dept Econ, Ithaca, NY 14853 USA

[2] Indiana Univ, Kelley Sch Business, Dept Business Econ & Publ Policy, Bloomington, IN 47405 USA

[3] Georgetown Univ, Ctr Law, Washington, DC 20001 USA

来源：

AMERICAN ECONOMIC REVIEW | 2011年 / 101卷 / 02期

关键词：

DEPENDENT UTILITY-FUNCTIONS; AUTOMOBILE INSURANCE; ASYMMETRIC INFORMATION; ADVERSE SELECTION; DECISION-MAKING; PROSPECT-THEORY; AVERSION; CHOICE; UNCERTAINTY; ECONOMICS;

D O I：

10.1257/aer.101.2.591

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using a unique dataset, we test whether households' deductible choices in auto and home insurance reflect stable risk preferences. Our test relies on a structural model that assumes households are objective expected utility maximizers and claims are generated by household-coverage specific Poisson processes. We find that the hypothesis of stable risk preferences is rejected by the data. Our analysis suggests that many households exhibit greater risk aversion in their home deductible choices than their auto deductible choices. Our results are robust to several alternative modeling assumptions. (JEL D11, D83)

引用

页码：591 / 631

页数：41

共 84 条

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