We examine risk preferences using the flood insurance decisions of over 100,000 households. In each contract, households make a small stakes decision, the deductible, and a large stakes one, the coverage limit. Over 94 percent of household choose one of the two lowest deductibles out of six...

With respect to the pricing of insurance, there is often tension between setting premiums that reflect risk and dealing with equity/affordability issues. The National Flood Insurance Program in the United States has recently shifted toward elimination of certain premium discounts which has...

Nudges based on social norms (norm-nudges) can be compelling behavioral interventions compared to traditional interventions such as taxes and regulations, but they do not work in all circumstances. We tested two empirical norm-nudge frames in an online experiment on taking measures for flood...