Risk Tolerance, Commitment Risk Across Policy Type, and the Demand for Life Insurance
研究了风险容忍度如何影响消费者对不同类型人寿保险（现金价值险与定期险）的选择，发现风险容忍度越高，拥有现金价值险的可能性越低，因为这类消费者更愿意承担定期险的重新分类风险。
ABSTRACT Life insurers face one‐sided commitment risk that is partially mitigated by the introduction of various contract features, including front‐loading and the option to backdate, that are intended, in part, to “lock in” the policyholder. While prior literature has discussed one‐sided commitment and life insurance, research has not, to our knowledge, examined the intersection of risk tolerance, heterogeneity in commitment across policy type, and life insurance ownership. In this study, we employ a multi‐step decision model to examine this intersection. Controlling for various financial and demographic characteristics among households that own life insurance, we provide the first evidence that as risk tolerance increases, the likelihood of owning only cash value life insurance decreases, consistent with these consumers having a greater willingness to bear the higher reclassification risks associated with term life insurance.