The Affection Effect in Insurance Decisions

Journal of Risk and Uncertainty

Volumn 20, Issue 2, 2000, Pages 141-159

  Hsee, Christopher K ^a   Kunreuther, Howard C ^b  

^a UNIVERSITY OF CHICAGO   (United States)

^b UNIVERSITY OF PENNSYLVANIA   (United States)

Author keywords

Affect; Consolation; Insurance

Indexed keywords

EID: 0042184035     PISSN: 08955646     EISSN: None     Source Type: Journal    
DOI: 10.1023/A:1007876907268     Document Type: Article

References (28)

1. Baron, J., J. Hershey, and H. Kunreuther. (in press). "Determinants of Priority for Risk Reduction: The Role of Worry," Risk analysis.
2. Cook, P., and D. Graham. (1977). "Demand for Insurance and Protection: The Case of Irreplaceable Commodities," Quarterly Journal of Economics 91, 143-156.
3. Finuciane, M. L., A. Alhakami, P. Slovic, and S. M. Johnson. (1998). "The Affect Heuristic in Judgments of Risks and Benefits," working paper, Decision Research.
4. Hogarth, R. M., and H. Kunreuther. (1995). "Decision Making Under Ignorance: Arguing with Yourself," Journal of Risk and Uncertainty 10, 15-36.
5. Hsee, C. K. (1995). "Elastic Justification in Decision Making: How Task Irrelevant but Tempting Considerations Influence Decisions," Organizational Behavior and Human Decision Process 62, 330-337.
6. Hsee, C. K. (1996). "The Evaluability Hypothesis: An Explanation for Preference Reversals between Joint and Separate Evaluations of Alternatives," Organizational Behavior and Human Decision Processes 67, 247-257.
7. Hsee, C. K., G. F. Loewenstein, S. Blount, and M. H. Bazerman. (1999). "Preference Reversals between Joint and Separate Evaluation of Options: A Review and Theoretical Analysis," Psychological Bulletin 125, 576-590.
8. Hsee, C. K. (1999). Decision as an Expression of Affection, manuscript in preparation. The University of Chicago.
9. Hsee, C. K., and S. Menon. (1999). Affection Effect in Consumer Choices, unpublished data. University of Chicago.
10. Johnson, E., J. Hershey, J. Meszaros, and H. Kunreuther. (1995). "Framing, Probability Distortions and Insurance Decisions," Journal of Risk and Uncertainty 7, 35-51.
11. Kahneman, D., I. Ritov, and D. Schkade. (1999). "Economic Preferences or Attitude Expressions? An Analysis of Dollar Responses to Public Issues," Journal of Risk and Uncertainty. 19, 203-242.
12. Kahneman, D., and A. Tversky. (1979). "Prospect Theory: An Analysis of Decision Under Risk," Econometrica 47, 263-291.
13. Kunreuther, H., R. Hogarth and J. Meszaros. (1993). "Insurer Ambiguity and Market Failure." Journal of Risk and Uncertainty 7, 71-88.
14. Kunreuther, H. (1996). "Mitigating Disaster Losses through Insurance," Journal of Risk and Uncertainty 12, 171-187.
15. Lichtenstein, S. and P. Slovic. (1971). "Reversal of Preferences between Bids and Choices in Gambling Decisions." Journal of Experimental Psychology 89, 46-55.
16. Loewenstein, G. F., E. U. Weber, C. K. Hsee, and E. S. Welch. (1999). "Risk as Feelings," working paper.
17. Loewenstein, G. (1996). "Out of Control: Visceral Influences on Behavior," Organizational Behavior and Human Decision Processes 65, 272-292.
18. Loewenstein, G., and S. Issacharoff. (1994). "Source Dependence in the Valuation of Objects," Journal of Behavioral Decision Making 7, 157-168.
19. Luce, M. F., J. W. Payne, and J. R. Bettman. (1999). "Emotional trade-off difficulty and choice." Journal of Marketing Reseach 36, 143-159.
20. Mellers, B. A., A. Schwartz, K. Ho, and I. Ritov. (1997). "Decision Affect Theory: Emotional Reactions to the Outcomes of Risky Options," Psychological Science 8, 423-429.
21. Schade, C., and H. Kunreuther. (1999). "Worry and Warranties," Wharton Risk Management and Decision Processes Working Paper Philadelphia: University of Pennsylvania
22. Posner, R. (1977). Economic Analysis of Law (2nd ed.). Boston: Little, Brown and Company.
23. Shafir, E., I. Simonson and A. Tversky. (1993). "Reason-based choice." Cognition 49, 11-36.
24. Thaler, R. H. (1985). "Mental Accounting and Consumer Choice," Marketing Science 4, 199-214.
25. Thaler, R. H. (1990). "Saving, Fungibility and Mental Accounts," Journal of Economic Perspectives 4, 193-205.
26. Tversky, A., and D. Kahneman. (1974). "Judgment Under Uncertainty: Heuristics and Biases," Science 185, 1124-1131.
27. Tversky, A., and D. Kahneman. (1981). "The Framing of Decisions and the Rationality of Choice," Science 211, 453-458.
28. Wakker, P. P., R. H. Thaler, and A. Tversky. (1997). "Probabilistic Insurance," Journal of Risk and Uncertainty 15, 7-28.