The Impact Of The Role Of Decision-makers And Emotional Level On Insurance Decision-making

Insurance decisions refers to a conceptual insurance purchase behavior.In this decision,people will be exposed to the risk of loss,and they will pay the insurance premium to lower the risk.If they suffer losses,they can be compensated through the insurance proceeds.Previous studies are focusing on exploring the rules of making decisions for self in the field of insurance decisions.Concerns about individuals making insurance decisions for others have yet to be further improved.Therefore,exploring the influence of decision maker roles and affective levels on insurance decisions will help people to make more rational investment in daily consumption,and also help enterprises and government departments to formulate more reasonable economic policies.In view of this,this study adopted three experimental studies,using between-subjects design of single factor,two factors and three factors.This study will firstly investigate the influence of decision-maker roles on insurance decisions.Furthermore,the research will explore the interaction of affective level and decision-maker roles with insurance decisions,and finally the research will verify the consolation hypothesis that appears in different affective level and decision-maker roles,in other words,people make insurance decisions tend to obtain mental compensation.The results of this research are as follows:In experiment 1,the results demonstrated that:(1)The role of the decision maker influences insurance decisions.Compared to making decision for self,it is more inclined to make insurance decisions when making decision for others.In experiment 2,the results suggest that:(2)The role of the decision maker and affective level both have effect on insurance decisions.When it comes to self-other decision making,in the level of lower affect,the-other-decision making resulted in more insurance decisions;in the level of higher affect,individuals' insurance decisions have no significant difference.In experiment 3,the results show that:(3)When it comes to self-other decision making,in the level of higher affect,a consolation hypothesis occurs when making insurance decisions for self,that is,people who make insurance decisions are more likely to obtain mental compensation,and the hypothesis will disappear when making insurance decisions for others.(4)The main effect of gender is significant.Male subjects are more inclined to make insurance decisions than female subjects.Furthermore,gender and decisionmaker roles both have effect on insurance decisions.When it comes to self-other decision-making,male subjects are more likely to make insurance decisions for others.The gender,affective level and payment purpose all have effect on insurance decisions.When it comes to self-other decision-making,in the level of higher affect and in the condition of compensation irrelevant to the loss of goods,male subjects are more inclined to make insurance decisions than female subjects;In the level of lower affect and the compensation conditions related to the lost items,the male subjects are more inclined to make insurance decisions than the female subjects.This research found the differences of insurance decisions in self-other decision making.And the role of the decision maker and affective level both have effect on insurance decisions.Consolation hypothesis occurs when making insurance decisions for self in the level of higher affect,that is,people who make insurance decisions are more likely to obtain mental compensation.The findings can enrich the research results in the field of insurance decision-making and self-others decision-making differences.To some extent,it may provide scientific guidance for decision in the field of consumption and investment,and for government decision making on elderly care industry,etc.