Replication data for: Are Risk Preferences Stable across Contexts? Evidence from Insurance Data
Principal Investigator(s): View help for Principal Investigator(s) Levon Barseghyan; Jeffrey Prince; Joshua C. Teitelbaum
Version: View help for Version V1
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Project Citation:
Barseghyan, Levon, Prince, Jeffrey, and Teitelbaum, Joshua C. Replication data for: Are Risk Preferences Stable across Contexts? Evidence from Insurance Data. Nashville, TN: American Economic Association [publisher], 2011. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112409V1
Project Description
Summary:
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Using a unique dataset, we test whether households' deductible choices in auto and home insurance reflect stable risk preferences. Our test relies on a structural model that assumes households are objective expected utility maximizers and claims are generated by household-coverage specific Poisson processes. We find that the hypothesis of stable risk preferences is rejected by the data. Our
analysis suggests that many households exhibit greater risk aversion in their home deductible choices than their auto deductible choices. Our results are robust to several alternative modeling assumptions. (JEL D11, D83)
Scope of Project
JEL Classification:
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D11 Consumer Economics: Theory
D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
D11 Consumer Economics: Theory
D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
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