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• W2183269412 abstract "We focus on the following …ndings from insurance demand. When faced with low probability losses, (1) some decision makers buy inadequate insurance, while (2) others are eager to buy insurance even when such insurance is not good value. Furthermore, (3) keeping the expected loss …xed, there is a probability below which the take-up of insurance drops dramatically, and (4) the proportion of decision makers that are split between (1) and (2) depends on the context and the frame of the problem. Expected utility (EU) fails on 1-4. It’s main alternatives, rank dependent utility (RDU) and cumulative prospect theory (CP) satisfy 2 but fail on 1, 3, 4. We use a new class of axiomatically-founded probability weighting functions, the composite Prelec weighting functions (CPF). When the CPF is combined with CP, we get composite prospect theory (CCP). CCP is able to simultaneously account for 1-4. Keywords: Decision making under risk, Insurance, Context dependence and framing, Composite Prelec probability weighting functions, Composite cumulative prospect theory. JEL Classi…cation: C60(General: Mathematical methods and programming), D81(Criteria for decision making under risk and uncertainty). We are very grateful for insightful comments made at the presentation of this paper at the 2010 FUR XIV conference in Newcastle and seminars at the University of Leicester and ISET in Georgia. Dr. Sanjit Dhami would also like to acknowledge a one semester study leave from the University of Leiecster. yDepartment of Economics, University of Leicester, University Road, Leicester. LE1 7RH, UK. Phone: +44-116-2522898. Fax: +44-116-2522908. E-mail: aa10@le.ac.uk. zDepartment of Economics, University of Leicester, University Road, Leicester. LE1 7RH, UK. Phone: +44-116-2522086. Fax: +44-116-2522908. E-mail: Sanjit.Dhami@le.ac.uk." @default.
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• W2183269412 date "2010-01-01" @default.
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• W2183269412 title "The behavioral economics of the demand for insurance" @default.
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