Experimental Study On The Behavior Of Rural Residents Investing In Commercial Health Insurance

With the implementation of the Outline of Healthy China 2030,the development of commercial health insurance has entered a new stage.The premium income of health insurance is increasing year by year,and the types of health insurance products in the market are gradually diversified.However,there are problems such as the coverage rate,compensation amount and participation rate of commercial health insurance at a low level,and the demand for health insurance in China is subject to various constraints.Domestic scholars generally study the factors influencing the insurance intention of commercial health insurance from the perspective of population structure and government,but cannot explain the irrational insurance behavior of people in real life.Therefore,based on the research on the psychological process of insurance decision-making from the perspective of behavioral economics at home and abroad,the influence of behavioral factors on the insurance intention of commercial health insurance is explored.With the help of behavioral economics design experiment,this paper analyzes the influencing factors of investment insurance behavior decision,and provides some meaningful reference for the development of Chinese commercial health insurance from the perspective of experimental economics.In this paper,the influence of individual psychological fuzziness and herding effect on the intention to buy commercial health insurance was used for experimental design.There were reference group and comparison group,and six groups of experiments were set respectively(fuzziness vs known risk)×(no herding effect,herding effect category,herding effect category + average wealth),and the economic environment and related variables in the experiment were controlled.The insurance contract is designed according to the behavioral insurance demand model and the framework experiment requirements.The purpose of the experiment is to study the same initial wealth level,different risk degrees and different insurance payouts(no insurance,no compensation),and analyze the influence of individual psychological fuzziness and herding effect on insurance decision-making.Then the fuzzy effect and herd effect behavioral finance are used to analyze people’s willingness to invest in commercial health insurance.Among them,individual psychological fuzziness studies what kind of insurance choice subjects will make according to their subjective judgment when the probability of event is unknown.Here,the event is designed as the risk of disease.Herd effect is to analyze whether the subject will change his insurance decision due to the decision of other subjects in the insurance process through individual herd psychology,so as to make the insurance decision more rational.Wilcoxon rank sum test,Logistic model and variance analysis were used for data analysis.Summarize the conclusions and make policy recommendations based on them.The conclusions are as follows: First,when the herd effect is excluded,people are more inclined to buy health insurance when the disease risk is vague than when the disease risk is known,and they will choose a larger amount of health insurance when the disease risk is vague.In the herding condition,subjects were willing to buy a larger amount of insurance in an environment where the risk was known.Secondly,herding effect has a positive effect on insurance decision-making.The comparison group with herding effect will choose to insure a larger amount of health insurance than the benchmark group without herding effect.Third,individual heterogeneity also has a significant impact on insurance decision-making,which is reflected in education background,gender,family annual income,the number of siblings,and whether they have invested in commercial health insurance.Fourth,the greater the risk of disease,the more people prefer to buy a larger amount of health insurance to protect their wealth.