The Impact of Insurance Prices on Decision Making Biases: An Experimental Analysis
通过实验引入保险市场，检验保险公司使用内生风险分类是否能让消费者即使不买保险也能做出更明智的决策，发现观察保险价格后最优决策比例更高。
Abstract This article tests whether the use of endogenous risk categorization by insurers enables consumers to make better‐informed decisions even if they do not choose to purchase insurance. We do so by adding a simple insurance market to an experimental test of optimal (Bayesian) updating. In some sessions, no insurance is offered. In others, actuarially fair insurance prices are posted, and a subset of subjects is allowed to purchase this insurance. We find significant differences in the decision rules used depending on whether one observes insurance prices. Although the majority of choices correspond to Bayesian updating, the incidence of optimal decisions is higher in sessions with an insurance option. Most subjects given the option to purchase actuarially fair insurance choose to do so. However, fewer subjects purchase insurance when the probability of a loss is higher.