Mathematical modelling of decision making: the case of motor insurance choices

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-07-23 DOI:10.1186/s13362-024-00148-7

Richard Kwame Ansah, Alex Akwasi Opoku, Kassim Tawiah, Richard Kena Boadi, Bridget Nana-Ama Gana, Sampson Tackie, Maud Avevor Ayornu, Stephen Manu Ampofo Mills

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Abstract

This paper employs a statistical mechanical model as a framework to investigate how socioeconomic factors of individuals such as gender and place of residence influence their decision when deciding between comprehensive and third-party motor insurance policies in Ghana. Data from a general insurance firm was used for this investigation taking five years’ worth of transactions into account. The methods of partial least squares and the ordinary least squares are, respectively, used to estimate the parameters of the interacting and the non-interacting models in the Multipopulation Currie-Weiss model in a discrete choice framework. The findings showed that both location and gender have discernible influences on how people choose their motor insurance. We encourage insurance companies to intensify their campaign on the importance of motor insurance to all vehicle/car owners, especially those in rural areas in order to reduce the risk and associated losses in vehicular accidents on Ghanaian roads.

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决策数学模型：汽车保险选择案例

本文采用统计机械模型作为框架，研究加纳个人的社会经济因素（如性别和居住地）如何影响他们在综合汽车保险和第三方汽车保险之间做出决定。调查使用了一家普通保险公司的数据，并考虑了五年的交易情况。在离散选择框架下，分别使用偏最小二乘法和普通最小二乘法来估计多人口曲线-韦斯模型中相互作用模型和非相互作用模型的参数。研究结果表明，地点和性别对人们如何选择汽车保险具有明显的影响。我们鼓励保险公司加强向所有车辆/汽车所有者，尤其是农村地区的所有车辆/汽车所有者宣传汽车保险的重要性，以降低加纳道路上车辆事故的风险和相关损失。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.