保險連結型樂透

Insurance-Linked Lotto

近年來文獻指出個人購買保險的意願遠低於期望效用模型的預期，因此如何提高保險需求是一個重要的待解決問題。針對此一問題，本文提出一個創新的政府工具：保險連接型樂透。此樂透跟被保險風險是否發生無關，但保險的購買越多，則樂透的中獎機率或者獎金越高。本文發現，在等級依賴期望效用模型下，此種創新的保險連結型樂透可以提高保險需求，同時也能增進福祉。

Recent empirical and experimental research has well documented that an individual’s willingness to purchase insurance is much lower than the level predicted by the traditional expected utility model. To increase the demand for insurance, this paper proposes a new tool of government intervention: an insurance-linked lotto. The proposed lotto is independent of the occurrence of the insurable risk, but the probability of winning the prize or the prize itself is positively correlated with the insurance coverage. We show that when an individual’s preferences are characterized by rank dependent expected utility, the insurance-linked lotto could enhance the equilibrium demand for insurance and improve individual welfare as well. The above findings could be sustained in both cases where the government’s objective is to maximize the rank dependent expected utility of the individual and the government evaluates wellbeing by adopting the expected utility framework.