dc.contributor.author | Dietz, Haley E. | |
dc.date.accessioned | 2020-11-20T19:33:37Z | |
dc.date.available | 2020-11-20T19:33:37Z | |
dc.date.issued | 2020-10 | |
dc.identifier.uri | https://escholarshare.drake.edu/handle/2092/2217 | |
dc.description | Peer-Reviewed Journal Article. 16 pages | en_US |
dc.description.abstract | While neoclassical economic models have provided significant insight into policy and economic
behavior, these models fail to take into account actual human behavior outside of what is
defined as rational. These anomalies in human behavior from what neoclassical models predict
creates problems when looking to implement effective policies in practice. Through examining
one such application of this problem in the demand for insurance, this paper examines the work
of several behavioral economists in an attempt to understand where current consumer behavior
strays from what neoclassical economists predict. This paper pinpoints the resulting difference
in consumer behavior and seeks to understand its specific causes. Following a discussion of the
literature, this paper argues that there remains a need to investigate the root causes of this
anomalous behavior in order to effectively influence insurance policy to ensure consumers are
purchasing both the right type and amount of insurance to best fit their needs. | en_US |
dc.language.iso | en_US | en_US |
dc.publisher | Drake Management Review | en_US |
dc.relation.ispartofseries | Drake Management Review;Volume 10, Issue 1, October 2020 | |
dc.subject | Economics | en_US |
dc.subject | Insurance | en_US |
dc.title | Behavioral Economics and the Demand for Insurance | en_US |
dc.type | Article | en_US |