Pay-As-You-Go Insurance: Experimental Evidence on Consumer Demand and Behavior
通过随机实验，研究按需付费合同对加州汽车保险市场的影响，发现该合同使投保率提升89%，覆盖天数增加27%，且需求缺乏弹性，主要机制是缓解流动性约束。
Abstract Pay-as-you-go contracts reduce minimum purchase requirements, which may increase market participation. This paper randomizes the introduction and price(s) of a novel pay-as-you-go contract to the California auto insurance market, where 17% of drivers are uninsured. The pay-as-you-go contract increases take-up by 10.8 p.p. (89%) and days with coverage by 4.6 days over the 3-month experiment (27%). Demand is relatively inelastic, and pay-as-you-go increases insurance coverage in part by relaxing liquidity requirements: most drivers’ purchasing behavior is consistent with a cost of credit in excess of payday lending rates, and 19% of drivers have a purchase rejected for insufficient funds.