Are Risk Preferences Stable across Contexts? Evidence from Insurance Data
利用汽车和房屋保险的免赔额选择数据，检验家庭风险偏好是否跨情境稳定，发现多数家庭在房屋保险中比汽车保险更风险厌恶。
Using a unique dataset, we test whether households' deductible choices in auto and home insurance reflect stable risk preferences. Our test relies on a structural model that assumes households are objective expected utility maximizers and claims are generated by household-coverage specific Poisson processes. We find that the hypothesis of stable risk preferences is rejected by the data. Our analysis suggests that many households exhibit greater risk aversion in their home deductible choices than their auto deductible choices. Our results are robust to several alternative modeling assumptions.