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- W3200730039 abstract "• Anticipated regret is incorporated into the insurance purchase problem. • It is examined how changes in wealth affects the optimal demand for insurance. • Insurance can be normal when individuals put weight on anticipated regret. • Regret theory can explain the wealth effect puzzle. This study considers how changes in wealth affect insurance demand when individuals suffer disutility from regret. Anticipated regret stems from a comparison between the ex-post maximum and actual wealth. We consider a situation wherein individuals maximize their expected utility incorporating anticipated regret. The wealth effect on insurance demand can be classified into the risk and the regret effects. These effects are determined by the properties of the utility function and the regret function. We show that insurance can be normal when individuals place weight on anticipated regret, even though the utility function exhibit decreasing absolute risk aversion. This result indicates that regret theory is a possible explanation to the wealth effect puzzle, in which insurance is normal from empirical observation, but it should be inferior by theoretical prediction under expected utility theory." @default.
- W3200730039 created "2021-09-27" @default.
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- W3200730039 date "2021-11-01" @default.
- W3200730039 modified "2023-10-14" @default.
- W3200730039 title "Is insurance normal or inferior? -A regret theoretical approach-" @default.
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- W3200730039 doi "https://doi.org/10.1016/j.najef.2021.101559" @default.
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