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Howard Kunreuther
University of Pennsylvania
Environmental resource managementBusinessActuarial scienceEconomicsRisk management
512Publications
64H-index
13.7kCitations
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Default options may provide a low-cost way of influencing behaviour without modifying incentives and constraining choices between alternatives. We study whether defaults can be used to increase insurance coverage against low-probability/high-impact risks, like floods, and whether past flood insurance purchases and flooding experience moderate the effect of defaults. Our study uses a naturally occurring difference in experience, comparing the surveyed flood insurance choices of 1,187 homeowners, ...
Individuals tend to underprepare for rare, catastrophic events because of biases in risk perception. A simple form of broad bracketing—presenting the cumulative probability of loss over a longer time horizon—has the potential to alleviate these barriers to risk perception and increase protective actions such as purchasing flood insurance. However, it is an open question whether broad bracketing effects last over time: There is evidence that descriptive probability information is ignored when dec...
Social distancing via shelter-in-place strategies has emerged as the most effective way to combat Covid-19. In the United States, choices about such policies are made by individual states. Here we show that the policy choice made by one state influences the incentives that other states face to adopt similar policies: they can be viewed as strategic complements in a supermodular game. If they satisfy the condition of uniform strict increasing differences then following Heal and Kunreuther ([6]) w...
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Do consumers show a strong bias toward low deductible insurance plans, as many field studies imply? This paper reports on a controlled experiment intended to see whether subjects have a predisposition toward such plans and whether that preference is consistent when their default plan and premiums are changed. Subjects were presented with a scenario where they had to make a decision on whether to purchase a plan with a low deductible (LD) or high deductible (HD) when faced with an illness having ...
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#1Gina L. Tonn (Delaware Department of Natural Resources and Environmental Control)H-Index: 4
#2Jeffrey Czajkowski (UPenn: University of Pennsylvania)H-Index: 12
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AbstractThis paper describes a case study performed with the US passenger rail service provider Amtrak that developed a metrics framework to measure resilience to climate risk within their Northeas...
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#1Ajita Atreya (Freddie Mac)
#2Howard Kunreuther (UPenn: University of Pennsylvania)H-Index: 64
ABSTRACTThis paper introduces an holistic approach to assessing community resilience in the United States with respect to hazards by inventorying a community's strengths: Financial, Human, Natural,...
1 CitationsSource
#1Benjamin Collier (TU: Temple University)H-Index: 6
#2Andrew F. Haughwout (Federal Reserve Bank of New York)H-Index: 19
Last. Michael A. Stewart (Federal Reserve Bank of New York)H-Index: 1
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We examine businesses’ financial management of a rare, severe event using detailed firm-level data collected following Hurricane Sandy in the New York area. Credit played a prominent role in financing recovery; more negatively affected firms took on debt because of Sandy (38%) than received insurance payments (15%) in our data. Negatively affected firms were often credit constrained after the shock. While firms’ demand for insurance is often explained by financing frictions, we find that the mos...
1 CitationsSource
We examine mechanisms as to why insurance and individual risk reduction activities are complements instead of substitutes. We use data on flood risk reduction activities and flood insurance purchases by surveying more than 1000 homeowners in New York City after they experienced Hurricane Sandy. Insurance is a complement to loss reduction measures undertaken well before the threat of suffering a loss, which is the opposite of a moral hazard effect of insurance coverage. In contrast, insurance act...
3 CitationsSource
#1James FlynnH-Index: 22
#2James ChalmersH-Index: 38
Last. Lydia DottoH-Index: 1
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#1James FlynnH-Index: 22
#2James ChalmersH-Index: 38
Last. Lydia DottoH-Index: 1
view all 10 authors...
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