The Expected Utility Hypothesis and the Selection of Optimal Deductibles for a Given Insurance Policy

1969 ◽  
Vol 42 (2) ◽  
pp. 143 ◽  
Author(s):  
John P. Gould
Keyword(s):  
Expected Utility ◽  
Insurance Policy ◽  
Selection Of

Consumer Numeracy and Insurance Design Decisions: An Examination of Inflation Protection Take-Up Among Private Long-Term Care Insurance Policy Holders

2018 ◽  
Vol 77 (2) ◽  
pp. 187-195 ◽  
Author(s):  
Brian E. McGarry ◽  
David C. Grabowski
Keyword(s):  
Long Term Care ◽  
Market Reforms ◽  
Insurance Policy ◽  
Term Care ◽  
Design Decisions ◽  
Percentage Points ◽  
Long Term Care Insurance ◽  
Selection Of

Given the rising cost of long-term care (LTC) services, the selection of a private long-term care insurance (LTCi) policy with inflation protection has critical implications for the ability of this coverage to protect against potentially catastrophic LTC expenses. This study examines the effect of consumers’ numeric abilities on the decision to add inflation protection to private LTCi policies. Over 40% of current LTCi policies lack inflation protection. Higher scores on a three-question numeracy scale are associated with increases in the probability of choosing inflation protection at the time of policy purchase, with households answering all three questions correctly being 12 percentage points more likely to have this benefit type relative to those with a numeracy score of 0 ( p = .002). Market reforms that simplify the task of evaluating LTCi plans and assessing the value of indexed benefits may be needed to ensure that LTCi policy purchasers are selecting adequate protection against future LTC costs.

scholarly journals Study of Investors’ Preference for the Selection of an Insurance Product

2021 ◽  
Vol 11 (4) ◽  
Author(s):  
Pradnya Gugale ◽  
Vedashree Mali
Keyword(s):  
Life Insurance ◽  
Test Sample ◽  
Primary Data ◽  
Insurance Policy ◽  
Related Factors ◽  
Statistical Tool ◽  
Investment Funds ◽  
Innovative Products ◽  
Study Zone ◽  
Selection Of

Human Being’s life is the most significant asset and life-insurance is the most significant sort of insurance which gives financial protection to theindividualhimself/herself and to his family at the hour of dubious dangers or harm. Life insurance gives both safety and protection to people and furthermore encourages investment funds among individuals. The present exploratory based investigation was chosen with a target to analyze those factors which impact client’s strategy purchasing choice and furthermore examine the inclinations of clients while making decision about insurance policy investment. Different insurance-related factors have been examined in the paper. Also, the said study has been conducted to know the satisfaction level of the clients and also to know the benefit they have been receiving from the company (if any). The information for the research has been gathered from primary data. The study zone is restricted to Maharashtra state and the test sample is 30 investors. The hypotheses have been based on the basis of demographic and the factors related to the insurance-based preference.factors and tested the same with the help of statistical tool T-test. The analyzed data had been produced in the form of a tables and graphs/charts. Insurance agencies should spread more awareness about life insurance, a decrease in the premium amount, and giving more attention to need-based innovative products are a portion of the recommendations which I would suggest. The paper closes with the segment that factors of the individuals play a significant and essential role in choosing the purchase of insurance policies.

Bayesian Model Assessment and Comparison Using Cross-Validation Predictive Densities

2002 ◽  
Vol 14 (10) ◽  
pp. 2439-2468 ◽  
Author(s):  
Aki Vehtari ◽  
Jouko Lampinen
Keyword(s):  
Expected Utility ◽  
Cross Validation ◽  
Monte Carlo Sampling ◽  
Point Estimate ◽  
Model Assessment ◽  
Predictive Densities ◽  
Fold Cross Validation ◽  
Selection Of ◽  
Natural Way ◽  
Real World Problems

In this work, we discuss practical methods for the assessment, comparison, and selection of complex hierarchical Bayesian models. A natural way to assess the goodness of the model is to estimate its future predictive capability by estimating expected utilities. Instead of just making a point estimate, it is important to obtain the distribution of the expected utility estimate because it describes the uncertainty in the estimate. The distributions of the expected utility estimates can also be used to compare models, for example, by computing the probability of one model having a better expected utility than some other model. We propose an approach using cross-validation predictive densities to obtain expected utility estimates and Bayesian bootstrap to obtain samples from their distributions. We also discuss the probabilistic assumptions made and properties of two practical cross-validation methods, importance sampling and k-fold cross-validation. As illustrative examples, we use multilayer perceptron neural networks and gaussian processes with Markov chain Monte Carlo sampling in one toy problem and two challenging real-world problems.

The Selection of an Optimal Deductible for a Given Insurance Policy

1966 ◽  
Vol 39 (1) ◽  
pp. 35 ◽  
Author(s):  
B. Peter Pashigian ◽  
Lawrence L. Schkade ◽  
George H. Menefee
Keyword(s):  
Insurance Policy ◽  
Selection Of

scholarly journals Decision Usefulness Approach Of Accounting Information: Bagaimana Informasi Akuntansi Menjadi Useful ?

2010 ◽  
Vol 2 (1) ◽  
pp. 92
Author(s):  
Zarah Puspitaningtyas
Keyword(s):  
Expected Utility ◽  
Accounting Information ◽  
Financial Statements ◽  
Relevant Information ◽  
Decision Makers ◽  
Individual Decision ◽  
Financial Reports ◽  
Decision Usefulness ◽  
Selection Of

AbstractApplication of decision usefulness approach to produce accounting information that is relevant and reliable. Relevant information, that has the capacity to affect the confidence of investors about future returns, and should be released in a timely manner.The concept of decision usefulness of accounting information plays an important role in identifying problems for users of financial reports and selection of accounting information that users of financial statements to make the best decision. To apply the concept of decision usefulness is necessary linkages with the various theories in economics and finance. Decision usefulness approach assumes that individual decision makers are rational, that is individuals who will choose the action that will yield the highest expected utility.

scholarly journals (2019) Optimal Threshold for Selection of Candidates in Multi-Winner Elections

2019 ◽  
Author(s):  
John Lawrence
Keyword(s):  
Decision Making ◽  
Expected Utility ◽  
Optimal Threshold ◽  
The Political ◽  
Optimal Selection ◽  
Approval Voting ◽  
Economic Decision Making ◽  
Winning Set ◽  
The Individual ◽  
Selection Of

<p> We devise a method for political and economic decision making that's applicable to the optimal selection of multiple alternatives from a larger set of alternatives. This method could be used, for example, in the selection of a committee or a parliament. The method combines utilitarian voting with approval voting and sets an optimal threshold above which an individual voter's sincere ratings are turned into approval style votes. Those candidates above threshold are chosen in such a way as to maximize the individual's expected utility for the winning set. We generalize range/approval hybrid voting which deals with a single member outcome to the case of multiple outcomes. The political case easily generalizes to the economic case in which a commodity bundle is to be chosen by each individual from an available set which is first chosen from a larger set by the amalgamation of the individual choosers' inputs. As the set made available gets larger, the individual voter or chooser is more likely to gain greater utility or satisfaction because more of their above threshold candidates will be included in the winning set.</p> <p><br> </p>

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