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An experimental investigation of insurance decisions in low probability and high loss risk situations |
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| Authors: | Ozlem Ozdemir Andrea Morone |
| Affiliation: | 1. Department of Business Administration, Middle East Technical University, Ankara, Turkey 2. Dipartimento di Studi Aziendali e Giusprivatistici, Università degli Studi di Bari, Aldo Moro, Bari, Italy 3. Departament d’Economia, Universitat Jaune I, Castellón, Spain |
| Abstract: | This experimental study investigates insurance decisions in low-probability, high-loss risk situations. Results indicate that subjects consider the probability of loss (loss size) when they make buying decisions (paying decisions). Most individuals are risk averse with no specific threshold probability. |
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