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1

G, Gustavson Sandra, and Greene Mark Richard 1923-, eds. Risk management & insurance. 9th ed. Cincinnati, Ohio: South-Western College Pub., 1995.

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2

G, Gustavson Sandra, and Hoyt Robert E, eds. Risk management & insurance. Cincinnati, Ohio: South-Western College Pub., 2001.

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3

G, Gustavson Sandra, ed. Risk management & insurance. Cincinnati, Ohio: South-Western, 1998.

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4

S, Trieschmann James, ed. Risk & insurance. 7th ed. Cincinnati: South-Western Pub. Co., 1988.

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5

Greene, Mark Richard. Risk & insurance. 8th ed. Cincinnati, Ohio: College Division, South-Western Pub. Co., 1992.

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6

Williams, C. Arthur. Risk management andinsurance. 6th ed. New York: McGraw-Hill, 1989.

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7

Trieschmann, James S. Risk management and insurance. Mason, Ohio: Thomson/South-Western, 2005.

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8

Williams, C. Arthur. Risk management and insurance. 6th ed. New York: McGraw-Hill, 1989.

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9

Risk management and insurance. Hoboken, NJ: Wiley, 2004.

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10

Greg, Niehaus, ed. Risk management and insurance. Boston: Irwin/McGraw-Hill, 1999.

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11

L, Smith Michael, and Young Peter C, eds. Risk management and insurance. 7th ed. New York: McGraw-Hill, 1995.

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12

International Council of Shopping Centers. Insurance and risk management. New York: International Council of Shopping Centers, 1993.

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13

L, Smith Michael, and Young Peter C, eds. Risk management and insurance. 8th ed. Boston, Mass: Irwin/McGraw-Hill, 1998.

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14

L, Smith Michael, and Young Peter C, eds. Risk management and insurance. 7th ed. Maidenhead: McGraw-Hill, 1995.

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15

M, Heins Richard, ed. Risk management and insurance. 5th ed. New York: McGraw-Hill, 1985.

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16

Williams, C. Arthur. Risk management and insurance. 6th ed. Maidenhead: McGraw Hill, 1989.

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17

service), SpringerLink (Online, ed. Life Insurance Risk Management Essentials. Berlin, Heidelberg: Springer-Verlag Berlin Heidelberg, 2011.

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18

Rupp's insurance & risk management glossary. Chatsworth, Calif: NILS Pub., 1991.

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19

Koller, Michael. Life Insurance Risk Management Essentials. Berlin, Heidelberg: Springer Berlin Heidelberg, 2011. http://dx.doi.org/10.1007/978-3-642-20721-1.

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20

Woodward, W. Jeffrey. Manufacturing risk management and insurance. Dallas, Tex: International Risk Management Institute, 1988.

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21

Hope, Warren T. Introduction to risk management. Malvern, PA: Insurance Institute of America, 1998.

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22

1945-, Dorfman Mark S., ed. Introduction to risk management and insurance. 4th ed. Englewood Cliffs, N.J: Prentice Hall, 1991.

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23

Rejda, George E. Principles of risk management and insurance. 5th ed. New York, NY: HarperCollins College Publishers, 1995.

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24

Rejda, George E. Principles of risk management and insurance. 6th ed. Harlow: Addison Wesley, 1998.

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25

Dorfman, Mark S. Introduction to risk management and insurance. 6th ed. Upper Saddle River, N.J: Prentice Hall, 1998.

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26

Principles of risk management and insurance. Boston: Prentice Hall, 2011.

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27

Principles of risk management and insurance. 8th ed. Boston: Addison-Wesley, 2003.

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28

Rejda, George E. Principles of risk management and insurance. 4th ed. New York, NY: HarperCollins, 1992.

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29

Introduction to risk management and insurance. 5th ed. Englewood Cliffs, N.J: Prentice-Hall, 1994.

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30

Essentials of risk management and insurance. New York: AMACOM, 1993.

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31

Cook, Mary Ann. Personal risk management and property-casualty insurance. Malvern, Pa: The Institutes, 2010.

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32

Agricultural risk management. Boulder, Colo: Lynne Rienner Publishers, 1990.

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33

Malecki, Donald S. Commercial liability risk management and insurance. 6th ed. Malvern, Pa: American Institute for Chartered Property Casualty Underwriters/Insurance Institute of America, 2005.

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34

Rejda, George E. Principles of risk management and insurance. Boston: Pearson/Addison-Wesley, 2011.

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35

Rejda, George E. Principles of risk management and insurance. Boston: Prentice Hall, 2011.

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36

Hampton, John J. Global insurance, reinsurance, and risk management. Gillette, N.J: Princeton Consulting Group, 1993.

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37

Henslee, Donald G. Public officials risk management. Austin, Tex. (9600 Great Hills Trail, Suite 300W, Austin 78759): Henslee, Ryan & Groce, 1993.

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38

K, Ramakrishna Reddy, and Murali Krishna P, eds. Risk management. New Delhi: Discovery Pub. House, 2000.

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39

Rejda, George E. Principles Risk Management& Insurance. 9th ed. Not Avail, 2004.

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40

Travis, Pritchett S., and Athearn James L, eds. Risk management and insurance. 7th ed. Minneapolis/St. Paul, Minn: West Pub. Co., 1996.

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41

Williams. Risk Management & Insurance -Im. McGraw Hill Higher Education, 1995.

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42

Risk Management and Insurance. McGraw Hill Higher Education, 2003.

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43

Greg, Niehaus, ed. Insurance and risk management. Cheltenham, UK: Elgar Reference Collection, 2008.

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44

Niehaus, Gregory, and Scott Harrington. Risk Management and Insurance. McGraw-Hill Education (ISE Editions), 1999.

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45

Gatza, James, and Alan Turner. Personal Risk Management & Insurance. 3rd ed. Amer Inst for Chartered, 1990.

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46

Risk Management and Insurance. McGraw-Hill/Irwin, 2003.

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47

Harrington, Scott E., Gregory Niehaus, and Scott Harrington. Risk Management and Insurance. 2nd ed. McGraw-Hill/Irwin, 2003.

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48

Harrington, Scott E., and Gregory Niehaus. Risk Management and Insurance. 2nd ed. McGraw Hill Higher Education, 2003.

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49

Moten, James M., and C. W. Copeland. Insurance and Risk Management. Oxford University Press, 2017. http://dx.doi.org/10.1093/acprof:oso/9780190269999.003.0017.

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According to modern portfolio theory (MPT), rational market participants make most decisions and seek to be compensated for additional risk. However, investors sometimes behave irrationally owing to preconceived notions and biases based on past experience. Behavioral finance offers an alternative view to MPT, suggesting that individuals often make irrational decisions. This chapter explores how individuals make decisions to buy different types of insurance, even when faced with predicable outcomes involving the frequency and severity of the loss. That is, individuals appear to buy insurance only when the frequency of loss is low and the severity of loss is high; otherwise they self-insure.
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50

), Smith Michael (r, and Young Peter (r ), eds. Risk Management and Insurance. McGraw, 1998.

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