Pay-As-You-Go Insurance: Experimental Evidence on Consumer Demand and Behavior

IF 6.8 1区经济学 Q1 BUSINESS, FINANCE

Review of Financial Studies Pub Date : 2023-10-19 DOI:10.1093/rfs/hhad080

Raymond Kluender

引用次数: 0

Abstract

Pay-as-you-go contracts reduce minimum purchase requirements, which may increase market participation. This paper randomizes the introduction and price(s) of a novel pay-as-you-go contract to the California auto insurance market, where 17% of drivers are uninsured. The pay-as-you-go contract increases take-up by 10.8 p.p. (89%) and days with coverage by 4.6 days over the 3-month experiment (27%). Demand is relatively inelastic, and pay-as-you-go increases insurance coverage in part by relaxing liquidity requirements: most drivers' purchasing behavior is consistent with a cost of credit in excess of payday lending rates, and 19% of drivers have a purchase rejected for insufficient funds.

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现收现付保险:消费者需求和行为的实验证据

现收现付合同降低了最低购买要求，这可能会增加市场参与度。本文将一种新颖的现收现付合同的引入和价格随机化到加州汽车保险市场，在那里17%的司机没有保险。在3个月的试验中，现收现付合同的使用率增加了10.8个百分点(89%)，覆盖天数增加了4.6天(27%)。需求相对缺乏弹性，现收现付增加了保险覆盖范围，部分原因是放松了流动性要求:大多数司机的购买行为与超过发薪日贷款利率的信贷成本一致，19%的司机因资金不足而拒绝购买。

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

Review of Financial Studies Multiple-

CiteScore

16.00

自引率

2.40%

发文量

期刊介绍： The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.