The Impact of Consequence Information on Insurance Choice
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
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