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Narrow Framing and Long-Term Care Insurance
dc.contributor.authorGottlieb, Daniel
dc.contributor.authorMitchell, Olivia S.
dc.date.accessioned2015-08-31T14:52:13Z
dc.date.available2015-08-31T14:52:13Z
dc.date.issued2015-06
dc.identifier.citationGottlieb, Daniel, and Olivia S. Mitchell. 2015. "Narrow Framing and Long-Term Care Insurance." Ann Arbor, MI. University of Michigan Retirement Research Center (MRRC) Working Paper, WP 2015-321. http://www.mrrc.isr.umich.edu/publications/papers/pdf/wp321.pdfen_US
dc.identifier.urihttps://hdl.handle.net/2027.42/113096
dc.description.abstractWe 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 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.en_US
dc.description.sponsorshipSocial Security Administrationen_US
dc.language.isoen_USen_US
dc.publisherMichigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104en_US
dc.relation.ispartofseriesWP 2015-321en_US
dc.subjectLong-term care insurance, narrow framing, risk aversionen_US
dc.titleNarrow Framing and Long-Term Care Insuranceen_US
dc.title.alternativeWorking Paper 2015-321en_US
dc.typeWorking Paperen_US
dc.subject.hlbsecondlevelPopulation and Demography
dc.subject.hlbtoplevelSocial Sciences
dc.contributor.affiliationotherThe Wharton School, University of Pennsylvaniaen_US
dc.contributor.affiliationotherThe Wharton School, University of Pennsylvaniaen_US
dc.contributor.affiliationumcampusAnn Arboren_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/113096/1/wp321.pdf
dc.description.filedescriptionDescription of wp321.pdf : Working paper
dc.owningcollnameRetirement and Disability Research Center, Michigan (MRDRC)


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