People Buy Insurance For Economic Reasons

People buy insurance for economic reasons, but also for psychological ones. Prof. Orit Tykocinski explores the connection between insurance and “magical thinking”, and explains why buying insurance to please your psyche, rather than your bank account is a risky business.

Prof. Orit E. Tykocinski is a faculty member in the School of Psychology at the Interdisciplinary Center (IDC) Herzliya, Israel. In her research she explores the role of regret in intuitive judgments; the phenomenon of “inaction inertia” in consumer behavior and political negotiations; emotion-based financial choices; and the effects of “magical thinking” on subjective risk assessments and insurance decisions. Prof. Tykocinski is one of the founders of the Dice@IDC decision research center. This talk was given at a TEDx event using the TED conference format but independently organized by a local community.

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