Speaker: Prof Justin Sydnor

Affiliation: University of Wisconsin, Madison

Location: Room 629, Level 6, Colin Clark Building (#39), UQ St Lucia Campus

Online via Zoom: https://uqz.zoom.us/j/86028716073

Abstract 

Individuals frequently make insurance choices that appear sub-optimal, possibly reflecting difficulty mapping insurance contracts to their distribution of financial consequences. We develop and experimentally test a decision aid that provides this mapping in two experiments mirroring typical health insurance decisions. Compared to standard feature-based information, our distribution-based tool substantially reduces dominance violations and changes choice patterns across a range of menus. Under feature-based displays, choices can be most easily rationalized by models of heuristic choices, such as minimizing premium or deductible. With the decision aid, significantly more people have choice patterns that are better explained by expected utility theory.

About the presenter's meeting 

If you would like to meet with Prof Justin Sydnor, please contact Dr Zachary Breig

About Behavioural and Economics Science Cluster e-seminars

An online seminar series on Experimental and Behavioural Economics organized by the Behavioral and Economic Science Cluster (BESC) of the School of Economics at The University of Queensland.

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Venue

Level 6, Colin Clark Building (#39), UQ St Lucia Campus
Room: 
629