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Eugster, Patrick (contributor); Zweifel, Peter (contributor) - 2006

correlation in their assets (health, wealth, wisdom, i.e. skills), causing them to demand a great deal of insurance coverage …. Insurers on the other hand eschew positively correlated risks. It can be shown that insurance contributes to a reduction of … insurance. Analyzing deviations from trend in aggregate insurance payments, one finds the following for the United States and …

Persistent link: https://www.econbiz.de/10003354444

Risk and rationality: uncovering heterogeneity in probability distortion

Bruhin, Adrian (contributor); Fehr-Duda, Helga (contributor) - 2007 - Rev. version

It has long been recognized that there is considerable heterogeneity in individual risk taking behavior but little is known about the distribution of risk taking types. We present a parsimonious characterization of risk taking behavior by estimating a finite mixture regression model for three...

Persistent link: https://www.econbiz.de/10003459633

Variation in risk seeking behavior in a natural experiment on large losses induced by a natural disaster

Page, Lionel; Savage, David; Torgler, Benno - 2012

This study explores people's risk attitudes after having suffered large real-world losses following a natural disaster. Using the margins of the 2011 Australian floods (Brisbane) as a natural experimental setting, we find that homeowners who were victims of the floods and face large losses in...

Persistent link: https://www.econbiz.de/10009575974

Identity, homophily and in-group bias

Currarini, Sergio; Menge, Friederike - 2012

Many Social Interactions display either or both of the following well documented phenomena. People tend to interact with similar others (homophily). And they tend to treat others more favorably if they are perceived to share the same identity (in-group bias). While both phenomena involve some...

Persistent link: https://www.econbiz.de/10009539289

Probability weighting as evolutionary second-best

Herold, Florian; Netzer, Nick - 2010

The economic concept of the second-best involves the idea that multiple simultaneous deviations from a hypothetical first-best optimum may be optimal once the first-best itself can no longer be achieved, since one distortion may partially compensate for another. Within an evolutionary framework,...

Persistent link: https://www.econbiz.de/10008696017

Discriminating between models of ambiguity attitude : a qualitative test

Cubitt, Robin P.; Kuilen, Gijs van de; Mukerji, Sujoy - 2017

During recent decades, many new models have emerged in pure and applied economic theory according between Epstein (2010) and Klibanoff et al. (2012) identified a notable behavioral issue that distinguishes sharply between two classes of models of ambiguity sensitivity that are importantly...

Persistent link: https://www.econbiz.de/10011756091

Does the cause of death matter? : the effect of dread, controllability, exposure and latency on the Vsl

Alberini, Anna; Šcasný, Milan - 2010

The Value of a Statistical Life is a key input into the calculation of the benefits of environmental policies that save lives. To date, the VSL used in environmental policy analyses has not been adjusted for age or the cause of death. Air pollution regulations, however, are linked to reductions...

Persistent link: https://www.econbiz.de/10008747732

Count data models with unobserved heterogeneity : an empirical likelihood approach

Boes, Stefan (contributor) - 2007

estimation in particular has favorable properties in this setting compared to the two-step GMM procedure, which is demonstrated … in a Monte Carlo experiment. The proposed method is applied to the estimation of a cigarette demand function …

Persistent link: https://www.econbiz.de/10003459712

The economics of warm glow : a note on consumer's behavior and public policy implications

Nunes, Paulo A. L. D.; Onofri, Laura - 2004

The paper focuses on the ongoing debate on non-market valuation, including the valuation environmental goods, and the opportunity to use contingent valuation for policy guidance. In fact, contingent valuation critics argue that reported willingness to pay answers do not reflect real economic...

Persistent link: https://www.econbiz.de/10011606763

Co-payments for prescription drugs and the demand for doctor visits : evidence from a natural experiment

Winkelmann, Rainer (contributor) - 2003 - [Elektronische Ressource]

The German health care reform of 1997 provides a natural experiment for evaluating the price sensitivity of demand for physicians' services. As a part of the reform, co-payments for prescription drugs were increased step up to 200%. However, certain groups of people were exempted from the...

Persistent link: https://www.econbiz.de/10001806923

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