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Insurance and Behavioral Economics: Improving Decisions in the Most Misunderstood Industry

Georgetown University McDonough School of Business

Friday, March 15, 2013 from 12:00 PM to 1:30 PM (EDT)

Washington, DC

Insurance and Behavioral Economics: Improving...

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Business, Economics & Public Policy Ended Free  

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Event Details

 

The Operations & Information Management (OPIM) Area and
The Center for Business and Public Policy

invite you to a
Business, Economics & Public Policy Seminar


Insurance and Behavioral Economics: Improving Decisions in the Most Misunderstood Industry


Howard Kunreuther

 James G. Dinan Professor of Decision Sciences and Public Policy

 Co-Director of Wharton Risk Management and Decision Processes Center

 Wharton School,

 University of Pennsylvania

and

William Topetta

Senior Advisor, Promontory

(discussant)

 

Abstract

 

Key stakeholders often do not make informed decisions with respect to protection against extreme events. The concepts of System 1 and System 2 behavior that are the cornerstones of Daniel Kahneman’s book Thinking, Fast and Slow, highlight how interested parties (consumers, insurers and regulators) exhibit systematic biases and utilize simplified heuristics in making insurance-related decisions.  Our research suggests ways to encourage protective behavior with respect to low-probability high-consequence events in advance of the next disaster, including guiding principles for insurance.  I then evaluate the 2012 Congressional legislation that modified the National Flood Insurance Program in significant ways within the framework of the guiding principles for insurance.

 

Have questions about Insurance and Behavioral Economics: Improving Decisions in the Most Misunderstood Industry? Contact Georgetown University McDonough School of Business

When & Where


McDonough School of Business
Rafik B. Hariri Building
Room 240
Washington, DC 20057

Friday, March 15, 2013 from 12:00 PM to 1:30 PM (EDT)


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Organizer

Georgetown University McDonough School of Business

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