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【北京市双一流共建项目学术讲座暨风险管理与保险论坛(2021年度)第11讲】Consumer Passiveness and Retail Financial Advice

发布时间:2021-06-08  浏览次数: 次  来源:

讲座题目:Consumer Passiveness and Retail Financial Advice

主讲人:祝伟教授,对外经济贸易大学

讲座时间:2021年6月11日上午10:00-11:30

讲座方式:线上腾讯会议 会议ID:507 837 048  点击下列链接入会,或添加至会议列表:https://meeting.tencent.com/s/tmBdE3O5gkRN

主讲人简介:祝伟,对外经济贸易大学保险学院教授,博士生导师,管理学博士。祝伟教授的研究领域包括行为保险、风险与不确定性经济学、家庭风险的理论与实证分析。祝伟教授在《Journal of Risk and Insurance》、《Journal of Banking and Finance》、《Geneva Risk and Insurance Review》、《ASTIN Bulletin》、《Economics Letters》、《经济研究》、《保险研究》等期刊上发表论文十余篇。主持国家自科、国家社科、教育部人文社科和北京市社科基金等多项课题。

讲座摘要:

We study how consumers’ loss aversion (with reference-dependence) affects consumer-adviser interactions and the effects of financial advice in retail financial markets, under the typical setting of a life insurance market. We show that consumers are passive in life insurance purchase using no insurance as a natural status quo reference while advisers can stimulate their demand by manipulating consumers’ reference through advice. This can also lead to potentially higher profits for insurers in a market with advisers. Unlike under the expected utility framework, we show that the role of advisers is positive and necessary under a wide set of reasonable scenarios, even without asymmetric information. Due to competition for loss averse consumers, advisers pander and subsequently lead them into buying a higher amount of insurance than what maximizes their welfare, regardless of the use of different consumer-driven or insurer-driven compensation mechanisms. Our findings suggest that financial advice is valuable in a typical retail financial market and one effective avenue to improve the quality of advice is through consumer education to alleviate their bias.

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