Consumers’ collision insurance decisions: a mental models approach to theory evaluation

References

• Beenstock , M. , Dickinson , G. and Khajuria , S. 1988 . The relationship between property‐liability insurance premiums and income: An international analysis . Journal of Risk and Insurance , 55 ( 2 ) : 259 – 72 .
   Web of Science ®Google Scholar
• Bostrom , A. , Fischhoff , B. and Morgan , M.G. 1992 . Characterizing mental models of hazardous processes: A methodology and an application to radon . Journal of Social Issues , 48 ( 4 ) : 85 – 100 .
   Web of Science ®Google Scholar
• Braun , M. , Fader , P.S. , Bradlow , E.T. and Kunreuther , H. 2006 . Modeling the ‘pseudodeductible’ in insurance claims decisions . Management Science , 52 ( 8 ) : 1258 – 72 .
   Web of Science ®Google Scholar
• Braun , M. and Muermann , A. 2004 . The impact of regret on the demand for insurance . Journal of Risk and Insurance , 71 ( 4 ) : 737 – 67 .
   Web of Science ®Google Scholar
• Briys , E. 1986 . Insurance and consumption: The continuous time case . Journal of Risk and Insurance , 53 ( 4 ) : 718 – 23 .
   Google Scholar
• Briys , E. and Schlesinger , H. 1990 . Risk aversion and the propensities for self‐insurance and self‐protection . Southern Economic Journal , 57 ( 2 ) : 458 – 67 .
   Google Scholar
• Casman , E. , Fischhoff , B. , Palmgren , C. , Small , M. and Wu , F. 2000 . Integrated risk model of a drinking‐water‐borne cryptosporidiosis outbreak . Risk Analysis , 20 ( 4 ) : 493 – 509 .
   Google Scholar
• Chiappori , P.A. and Salanié , B. 2000 . Testing for asymmetric information in insurance markets . Journal of Political Economy , 108 ( 1 ) : 56 – 78 .
   Web of Science ®Google Scholar
• Cleeton , D.L. and Zellner , B.B. 1993 . Income, risk aversion, and the demand for insurance . Southern Economic Journal , 60 ( 1 ) : 146 – 56 .
   Google Scholar
• Clemen , R. 1991 . Making hard decisions , Boston, MA : PWS‐Kent .
   Google Scholar
• Dionne , G. 1983 . “ Adverse selection and repeated insurance contracts ” . In The Geneva Papers on Risk and Insurance Vol. 8, no. 29 , 316 – 32 . (Reprinted in Foundations of insurance economics: Readings in economics and finance, ed. G. Dionne and S. Harrington, 407–23. Boston, MA: Kluwer, 1992.)
   Google Scholar
• Downs , J. , Bruine de Bruin , W. and Fischhoff , B. 2008 . Parents’ vaccination comprehension and decision . Vaccine , 26 ( 12 ) : 1595 – 607 .
   PubMed Web of Science ®Google Scholar
• Ehrlich , I. and Becker , G. 1972 . Market insurance, self insurance and self protection . Journal of Political Economy , 80 : 623 – 48 . (Reprinted in Foundations of insurance economics: Readings in economics and finance, ed. G. Dionne and S. Harrington, 164–89. Boston, MA: Kluwer, 1992.)
   Web of Science ®Google Scholar
• Eisenhauer , J.G. 1997 . Income‐constrained purchases of insurance and assets . Studies in Economics and Finance , 17 ( 2 ) : 50 – 62 .
   Google Scholar
• Eisner , R. and Strotz , R. 1961 . Flight insurance and the theory of choice . Journal of Political Economy , 69 ( 4 ) : 355 – 68 .
   Google Scholar
• Ericsson , K.A. and Simon , H.A. 1993 . Protocol analysis: Verbal reports as data , Cambridge, MA : MIT Press .
   Google Scholar
• GAO . 2003 . Flood insurance: Challenges facing the national flood insurance program JayEtta Z. Hecker, Testimony before the Subcommittee on Housing and Community Opportunity, Committee on Financial Services, House of Representatives, Tuesday, April 1, 2003. http://www.gao.gov/new.items/d03606t.pdf
   Google Scholar
• Gollier , C. 1992 . “ Economic theory of risk exchanges: A review ” . In Contributions to insurance economics , Edited by: Dionne , G. 3 – 23 . Boston : Kluwer .
   Google Scholar
• Gould , J. 1969 . The expected utility hypothesis and the selection of optimal deductibles for a given insurance policy . Journal of Business , 42 ( 2 ) : 143 – 51 .
   Web of Science ®Google Scholar
• Hogarth , R. and Kunreuther , H. 1995 . Decision making under ignorance: Arguing with yourself . Journal of Risk and Uncertainty , 10 ( 1 ) : 15 – 36 .
   Web of Science ®Google Scholar
• Hung , H. 2009 . The attitude towards flood insurance purchase when respondents’ preferences are uncertain: A fuzzy approach . Journal of Risk Research , 12 ( 2 ) : 239 – 58 .
   Web of Science ®Google Scholar
• ISO . 1992 . Personal auto manual , 5th ed. , New York : Insurance Services Office Inc. PA‐E‐13 .
   Google Scholar
• Kunreuther , H. , Ginsberg , R. , Miller , L. , Sagi , P. , Slovic , B. , Borkan and Katz , N. 1978 . Disaster insurance protection: Public policy lessons , New York : Wiley .
   Google Scholar
• Kunreuther , H. and Pauly , M. 1985 . Market equilibrium with private knowledge . Journal of Public Economics , 26 : 269 – 88 . (Reprinted in Foundations of insurance economics: Readings in economics and finance, ed. G. Dionne and S. Harrington, 424–43. Boston, MA: Kluwer, 1992.)
   Web of Science ®Google Scholar
• Kunreuther , H. and Pauly , M. 2005 . “ Insurance decision‐making and market behaviour ” . In Foundations and Trends in Microeconomics , vol. 1, issue 2 , 63 – 127 . Boston : Now Publishers .
   Google Scholar
• Lee , K. 2007 . Wealth, income and optimal insurance . Journal of Risk and Insurance , 74 ( 1 ) : 175 – 84 .
   Google Scholar
• Lees , D. and Rice , R. 1965 . Uncertainty and the welfare economics of medial care: Comment . American Economic Review , 55 ( 1 ) : 140 – 54 .
   Google Scholar
• Marquis , M.S. and Phelps , C. 1987 . Price elasticity and adverse selection in the demand for supplementary health insurance . Economic Inquiry , 25 ( 2 ) : 299 – 313 .
   PubMed Web of Science ®Google Scholar
• Moffet , D. 1977 . Optimal deductible and consumption theory . Journal of Risk and Insurance , 44 ( 4 ) : 669 – 82 .
   Web of Science ®Google Scholar
• Morgan , M.G. , Fischhoff , B. , Bostrom , A. , Lave , L. and Atman , C.J. 2002 . Risk communications: A mental models approach , New York : Cambridge University Press .
   Google Scholar
• Mossin , J. 1968 . Aspects of rational insurance purchasing . Journal of Political Economy , 79 ( 4 ) : 553 – 68 .
   Google Scholar
• Pashigian , P. , Schkade , L. and Menefee , G. 1966 . The selection of an optimal deductible for a given insurance policy . Journal of Business , 39 ( 1 ) : 35 – 43 .
   Web of Science ®Google Scholar
• Quadrel , M.J. , Fischhoff , B. and Davis , W. 1993 . Adolescent (in)vulnerability . American Psychologist , 48 ( 2 ) : 102 – 16 .
   PubMed Web of Science ®Google Scholar
• Saito , K. 2006 . Testing for asymmetric information in the automobile insurance market under rate regulation . Journal of Risk and Insurance , 73 ( 2 ) : 335 – 56 .
   Web of Science ®Google Scholar
• Schlesinger , H. 1981 . The optimal level of deductibility in insurance contracts . Journal of Risk and Insurance , 48 ( 1 ) : 465 – 81 .
   Google Scholar
• Shapira , Z. and Venezia , I. 2008 . On the preference for full‐coverage policies: Why do people buy too much insurance? . Journal of Economic Psychology , 29 ( 5 ) : 747 – 61 .
   Web of Science ®Google Scholar
• Sherden , W. 1984 . An analysis of the determinants of the demand for automobile insurance . Journal of Risk and Insurance , 51 ( 1 ) : 49 – 62 .
   Google Scholar
• Silverman , E. , Woloshin , S. , Schwartz , L. , Byram , S. , Welch , H.G. and Fischhoff , B. 2001 . Women’s views on breast cancer risk and screening mammography: A qualitative interview study . Medical Decision Making , 21 ( 3 ) : 231 – 40 .
   PubMed Web of Science ®Google Scholar
• Slovic , P. , Fischhoff , B. , Lichtenstein , S. , Corrigan , B. and Combs , B. 1977 . Preference for insuring against probable small losses: Implications for the theory and practice of insurance . Journal of Risk and Insurance , 44 ( 2 ) : 237 – 58 .
   Google Scholar
• Svenson , O. 1981 . Are we all less risky and more skillful than our fellow drivers? . Acta Psychologica , 47 ( 2 ) : 143 – 8 .
   Web of Science ®Google Scholar
• Thaler , R. 1985 . Mental accounting and consumer choice . Marketing Science , 4 : 199 – 214 .
   Web of Science ®Google Scholar
• von Neumann , J. and Morgenstern , O. 1947 . Theory of games and economic behavior , Princeton, NJ : Princeton University Press .
   Google Scholar
• Weinstein , N.D. 1980 . Unrealistic optimism about future life events . Journal of Personality and Social Psychology , 39 ( 5 ) : 806 – 20 .
   Web of Science ®Google Scholar