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Narrow framing and long-term care insurance

Author: Daniel Gottlieb; Olivia S Mitchell; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2015.
Series: Working paper series (National Bureau of Economic Research), no. 21048.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
We propose a model of narrow framing in insurance and test it using data from a new module we designed and fielded in the Health and Retirement Study. We show that respondents subject to narrow framing are substantially less likely to buy long-term care insurance than average. This effect is distinct from, and much larger than, the effects of risk aversion or adverse selection, and it offers a new explanation for  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Daniel Gottlieb; Olivia S Mitchell; National Bureau of Economic Research,
OCLC Number: 905863662
Notes: "March 2015"
Description: 1 online resource (25 pages).
Series Title: Working paper series (National Bureau of Economic Research), no. 21048.
Responsibility: Daniel Gottlieb, Olivia S. Mitchell.

Abstract:

We propose a model of narrow framing in insurance and test it using data from a new module we designed and fielded in the Health and Retirement Study. We show that respondents subject to narrow framing are substantially less likely to buy long-term care insurance than average. This effect is distinct from, and much larger than, the effects of risk aversion or adverse selection, and it offers a new explanation for why people underinsure their later-life care needs.

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