Ignoring Disaster: Don’t Sweat the Big Stuff
نویسندگان
چکیده
It is well known that consumers have difficulty in dealing with low-probability, high-loss events. Frequently they fail to obtain insurance against such losses, even when the terms are very favorable. (Kunreuther 1997; Phelps, 1997, pp. 409-410, referring to “upside down” private insurance coverage to supplement Medicare). One obvious characterization of such behavior is that it represents non-optimal decision-making based on individuals utilizing simplified heuristics that do not require making tradeoffs between the expected benefits and costs of different alternatives. There has been a large literature in behavioral economics addressing this point with regard to individual decision making. (Kahneman and Tversky 2000).
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