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題名 保險購買行為的星期效應及資訊不對稱問題分析
Analysis of Day of the Week Effect and Information Asymmetry Problem in Insurance Market作者 陳奕帆
Chen, Yi-Fan貢獻者 彭金隆
Peng, Jin-Lung
陳奕帆
Chen, Yi-Fan關鍵詞 星期效應
日曆效應
行為保險
資訊不對稱
Day of the week effect
Calender effect
Behavioral insurance
Information asymmetry日期 2021 上傳時間 4-Aug-2021 14:53:49 (UTC+8) 摘要 結合過去對於星期周日會影響人類心情、心情會影響消費者對風險的偏好與判斷及保險市場中的資訊不對稱問題等文獻，本文探討星期效應對於消費者購買保險的行為影響，以及星期效應與保險資訊不對稱問題之間的相互關係。本文以某壽險公司實際投保2013-2017年間的傷害保險資料為樣本，先對全部樣本的保險金額及理賠與否做基本的敘述統計量，並將全部樣本依要保人職業等級及要保人居住地區別分群，後將上述變數加入後續回歸分析的控制變數中加以分析。實證方法分兩部分，第一部分檢測星期周日的不同，保戶在購買保險時的保險金額有無顯著差異。並將要保人職業為內勤性質工作者與家庭主婦/夫兩種對星期效應感受度不同的職業進行比較，運用最小平方法回歸模型檢視星期效應的存在。第二部分將內勤性質工作者的資料運用兩階段模型法，檢定各星期效應與資訊不對稱問題之間的相互關係。根據本文的實證結果，星期效應確實存在，對於星期周日變化感受度高的消費者，星期一購買傷害險保險金額顯著較低；星期三顯著增加其傷害險保險金額。且星期效果對資訊不對稱問題亦存在顯著影響。
Combining the past literature on how the day of the week effect affects human mood, mood affects consumers’ preference and judgment of risk, and information asymmetry issues in the insurance market, this article mainly discusses the impact of the day of the week effect on consumers’ insurance purchase behavior and the relationship between the day of the week effect and information asymmetry problems.This article takes the actual insurance data of a life insurance company from 2013 to 2017 as a sample. First, we make a basic narrative statistics on the insurance amount and claim settlement of all samples, and divide all samples into groups according to different occupation level and the live area of proposer. The above variables are added to the control variables of the subsequent regression analysis. The empirical method is divided into two parts. The first part detects whether there is a significant difference in the amount of insurance towards different days in a week. And compare office worker proposers with housewife proposers to examine the existence of the day of the week effect. The second part, a two-stage model is used to test the relationship between the weekly effect and the information asymmetry problem using the data of the office workers.According to the empirical results of this article, the day of the week effect exists in consumers with high feeling of week system. Their injury insurance amount will be significantly reduced on Monday, and significantly increased on Wednesday. The day of the week effect influences the information asymmetry problem in insurance market.參考文獻 一、中文部分王韻怡、池祥萱、周冠男 (2016)。行為財務學文獻回顧與展望：台灣市場之研究。經濟論文叢刊，44(1)，1-55。呂瑞秋 (2000)台中地區健康保險契約不對稱資訊問題之實證研究。亞太經濟管理評論，13(2)，71-87。張琳 (2014)。重大疾病保險中的逆選擇問題研究。青島大學金融學研究所碩士論文。許永慶 (2015)。高保額汽車保險與逆選擇。國立高雄第一科技大學管理學院博士班博士論文。莊浚銘 (2015)。醫療保險逆選擇問題之實證研究。國立中興大學應用經濟學系研究所碩士論文。陳淑貞 (2000)。核保業務量與資訊不對稱:癌症保險之實證研究。逢甲大學風險管理與保險學系碩士班碩士論文。陳文屏 (1996)。星期的說文解字。台北天文館台刊 [Online].Available: https://www.astro.ncu.edu.tw/~wchen/wp_chen/essay/WEEKDAYS.pdf.(最後檢索日2021/3/22)鄭鴻萍 (2007)。逆選擇與逆自留：團體保險公費案與自費案的選擇。逢甲大學保險學系碩士在職專班碩士論文。二、英文部分Altman, D., Culter, D. M., and Zeckhauser, R. J., (1998), “Adverse Selection and Adverse Retention”, American Econmic Review, 88(2), 122-126.Areni, C. S., (2008), “(Tell Me Why) I Don`t Like Mondays: Does An Overvaluation of Future Discretionary Time Underlie Reported Weekly Mood Cycles?”, Cognition and Emotion, 22 (7), 1228-1252.Ariel, R.A., (1987) “A monthly effect in stock returns”, Journal of Financial Economics,18(1), 161-174.Bachelier, L., (1990), “Théorie de la spéculation”, Annales scientifiques de l`École Normale Supérieure, 3(17), 21-86.Baker, M., and Wurgler, J., (2006), “Investor Sentiment and the Cross-Section of Stock Returns”, Journal of Finance, 61(4), 1645-1680.Bergsma, K., and Jiang, D, (2015), “Cultural New Year Holidays and Stock Returns around the World”, Financial Management, 45(1), 3-35.Bless, H., Clore, L., Schwarz, N., Golisano, V., Rabe, C., and Wolk, M., (1996), “Mood and the Use of Scripts: Does a Happy Mood Really Lead to Mindlessness?”, Journal of Personality and Social Psychology, 71, 665-679.Browne, M. J., and Doerpinghaus, H. I., (1993), “Information Asymmetries and Adverse Selection in the Market for Individual Medical Expense Insurance”, Journal of Risk and Insurance, 60, 300-312.Browne, M. J., Knoller, C., and Richter, A., (2015), “Behavioral bias and the demand for bicycle and flood insurance”, Journal of Risk and Uncertainty, 50, 141-160.Cao, M., and Wei, J., (2001), “Stock Market Returns: A Temperature Anomaly”, Working paper, University of Toronto.Chiappori, P. A., and Salanie, B., (2000), “Testing for Asymmetric Information in Insurance Markets”, Journal of Political Economy, 108(1),56-78.Dionne, G., and St-Michel, P., (1991), “Workers’ Compensation and Moral Hazard”, Review of Economics and Statistics, 73(2), 236-244.Dodd, O., and Gakhovich, A., (2011), “The Holiday Effect in Central and Eastern European Financial Markets”, Investment Management and Financial Innovations, 8(4), 29-35.Erber, R., and Tesser, A., (1992), “Task Effort and the Regulation of Mood: The Absorption Hypothesis”, Journal of Experimental Social Psychology, 28(4), 339-359.Fama, E.F., (1969), “Efficient Capital Markets: A Review of Theory and Empirical Work”, The Journal of Finance, 25(2), 28-30.Frieder, L., and Subrahmanyam, A., (2004), “Nonsecular Regularities in Returns and Volume”, Financial Analysts Journal, 60(4), 29-34.Frijda, N. H., (1993),“The Place of Appraisal in Emotion.”, Cognition and Emotion, 7, 357-387.Gardner, R. C., (1985), Social psychology and second language learning: The role of attitudes and motivation, London: Edward Arnold Publishers.Gardner, M. P., and Ronald P. H., (1988), “Consumers` Mood States: Antecedents and Consequences of Experiential Vs. Informational Strategies for Brand Choice”, Psychology & Marketing, 5 (2), 169-182.Gerhard, K., and Lei,K., (2005) “Calendar effects in Chinese stock market. ”, Annals of Economics and Finance, 6 (1), 75-88.Hirshleifer, D., and Shumway, T., (2003), “Good Day Sunshine: Stock Returns and the Weather”, Journal of Finance, 55 (3), 1009-1032.Kunkel, R.A., Compton, W.S., and Beyer, S., (2003), “The turn-of-the-month effect still lives: the international evidence”, International Review of Financial Analysis, 12(2), 207-221.Kuykendall, D., and Keating, J. P., (1990), “Mood and Persuasion: Evidence for the Differential Impact of Positive and Negative States”, Psychology and Marketing, 7(1), 1-9.Mackie, D. M., and Worth, L. T., (1989), “Processing Deficits and the Mediation of Positive Affect in Persuasion”, Journal of Personality and Social Psychology, 57(1), 27-40.Meneu, V., and Pardo, A., (2004), “Pre-Holiday Effect, Large Trades and Small Investor Behavior”, Journal of Empirical Finance, 11, 231-246.Moskowitz, D. S., Brown, K. W., and Côté, S., (1997), “Reconceptualizing Stability: Using Time as a Psychological Dimension”, Current Directions in Psychological Science, 6(5), 127-131.Patricia, J. D., and Irwin, P. L., (1986), “The Effect of Mood Induction in a Risky Decision-Making Task”, Bulletin of the Psychonomic Society volume, 24, 4-6.Richter, A., Schiller, J., and Schlesinger, H., (2014), “Behavioral insurance: Theory and experiments”, Journal of Risk and Uncertainty, 48, 85-96.Rothschild, M., and Stiglitz, J., (1976), “Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information”, Quarterly Journal of Economics, 90(4), 629-649.Sanders, L., and Brizzolara, S., (1982), “Relationships between Weather and Mood”, Journal of General Psychology, 107, 155-171.Saunders, L., (1993), “Stock Prices and Wall Street Weather”, The American Economic Review, 83(5), 1337-1345.Schwarz, N., and Clore, L., (1983), “Mood, Misattribution, and Judgments of Well-Being: Informative and Directive Functions of Affective States”, Journal of Personality and Social Psychology, 45, 513-536.Shefrin, H., (2002), Beyond Greed and Fear: Understanding Behavior Finance and the Psychology of Investing. Boston, MA: Harvard Business School Press.Thaler, R., (1985), “Mental Accounting and Consumer Choice”, Journal of Marketing Science, 4, 199-214.Van Raaij, W. F. (1981), “Economic psychology”, Journal of Economic Psychology, 1(1), 1-24.Yuan, K., Zheng, L., and Zhu, Q., (2006), “Are Investors Moonstruck? Lunar Phases and Stock Returns”, Journal of Empirical Finance, 13, 1-23. 描述 碩士
國立政治大學
風險管理與保險學系
107358022資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107358022 資料類型 thesis dc.contributor.advisor 彭金隆 zh_TW dc.contributor.advisor Peng, Jin-Lung en_US dc.contributor.author (Authors) 陳奕帆 zh_TW dc.contributor.author (Authors) Chen, Yi-Fan en_US dc.creator (作者) 陳奕帆 zh_TW dc.creator (作者) Chen, Yi-Fan en_US dc.date (日期) 2021 en_US dc.date.accessioned 4-Aug-2021 14:53:49 (UTC+8) - dc.date.available 4-Aug-2021 14:53:49 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2021 14:53:49 (UTC+8) - dc.identifier (Other Identifiers) G0107358022 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136372 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 風險管理與保險學系 zh_TW dc.description (描述) 107358022 zh_TW dc.description.abstract (摘要) 結合過去對於星期周日會影響人類心情、心情會影響消費者對風險的偏好與判斷及保險市場中的資訊不對稱問題等文獻，本文探討星期效應對於消費者購買保險的行為影響，以及星期效應與保險資訊不對稱問題之間的相互關係。本文以某壽險公司實際投保2013-2017年間的傷害保險資料為樣本，先對全部樣本的保險金額及理賠與否做基本的敘述統計量，並將全部樣本依要保人職業等級及要保人居住地區別分群，後將上述變數加入後續回歸分析的控制變數中加以分析。實證方法分兩部分，第一部分檢測星期周日的不同，保戶在購買保險時的保險金額有無顯著差異。並將要保人職業為內勤性質工作者與家庭主婦/夫兩種對星期效應感受度不同的職業進行比較，運用最小平方法回歸模型檢視星期效應的存在。第二部分將內勤性質工作者的資料運用兩階段模型法，檢定各星期效應與資訊不對稱問題之間的相互關係。根據本文的實證結果，星期效應確實存在，對於星期周日變化感受度高的消費者，星期一購買傷害險保險金額顯著較低；星期三顯著增加其傷害險保險金額。且星期效果對資訊不對稱問題亦存在顯著影響。 zh_TW dc.description.abstract (摘要) Combining the past literature on how the day of the week effect affects human mood, mood affects consumers’ preference and judgment of risk, and information asymmetry issues in the insurance market, this article mainly discusses the impact of the day of the week effect on consumers’ insurance purchase behavior and the relationship between the day of the week effect and information asymmetry problems.This article takes the actual insurance data of a life insurance company from 2013 to 2017 as a sample. First, we make a basic narrative statistics on the insurance amount and claim settlement of all samples, and divide all samples into groups according to different occupation level and the live area of proposer. The above variables are added to the control variables of the subsequent regression analysis. The empirical method is divided into two parts. The first part detects whether there is a significant difference in the amount of insurance towards different days in a week. And compare office worker proposers with housewife proposers to examine the existence of the day of the week effect. The second part, a two-stage model is used to test the relationship between the weekly effect and the information asymmetry problem using the data of the office workers.According to the empirical results of this article, the day of the week effect exists in consumers with high feeling of week system. Their injury insurance amount will be significantly reduced on Monday, and significantly increased on Wednesday. The day of the week effect influences the information asymmetry problem in insurance market. en_US dc.description.tableofcontents 目次第一章 緒論 1第一節 研究背景 1第二節 研究目的 2第二章 文獻探討 4第一節 星期與心情的關係 4第二節 心情與風險認知的關係 5第三節 星期對保險金額高低之影響推論 5第四節 保險行為中的資訊不對稱問題 6第五節 星期與保險行為中的資訊不對稱關係 8第三章 研究設計 10第一節 研究對象 10第二節 研究方法 10第三節 變數說明與基本統計量 14第四章 實證結果 18第一節 不同星期下的保險金額及理賠與否 18第二節 內勤性質工作者與家庭主婦/夫星期效應比較 25第三節 星期效應與資訊不對稱問題之相互關係 41第四節 實證結果統整 50第五章 結論與建議 52第一節 研究結論 52第二節 未來研究方向 53參考文獻 54附錄 59 zh_TW dc.format.extent 3972654 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107358022 en_US dc.subject (關鍵詞) 星期效應 zh_TW dc.subject (關鍵詞) 日曆效應 zh_TW dc.subject (關鍵詞) 行為保險 zh_TW dc.subject (關鍵詞) 資訊不對稱 zh_TW dc.subject (關鍵詞) Day of the week effect en_US dc.subject (關鍵詞) Calender effect en_US dc.subject (關鍵詞) Behavioral insurance en_US dc.subject (關鍵詞) Information asymmetry en_US dc.title (題名) 保險購買行為的星期效應及資訊不對稱問題分析 zh_TW dc.title (題名) Analysis of Day of the Week Effect and Information Asymmetry Problem in Insurance Market en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文部分王韻怡、池祥萱、周冠男 (2016)。行為財務學文獻回顧與展望：台灣市場之研究。經濟論文叢刊，44(1)，1-55。呂瑞秋 (2000)台中地區健康保險契約不對稱資訊問題之實證研究。亞太經濟管理評論，13(2)，71-87。張琳 (2014)。重大疾病保險中的逆選擇問題研究。青島大學金融學研究所碩士論文。許永慶 (2015)。高保額汽車保險與逆選擇。國立高雄第一科技大學管理學院博士班博士論文。莊浚銘 (2015)。醫療保險逆選擇問題之實證研究。國立中興大學應用經濟學系研究所碩士論文。陳淑貞 (2000)。核保業務量與資訊不對稱:癌症保險之實證研究。逢甲大學風險管理與保險學系碩士班碩士論文。陳文屏 (1996)。星期的說文解字。台北天文館台刊 [Online].Available: https://www.astro.ncu.edu.tw/~wchen/wp_chen/essay/WEEKDAYS.pdf.(最後檢索日2021/3/22)鄭鴻萍 (2007)。逆選擇與逆自留：團體保險公費案與自費案的選擇。逢甲大學保險學系碩士在職專班碩士論文。二、英文部分Altman, D., Culter, D. M., and Zeckhauser, R. J., (1998), “Adverse Selection and Adverse Retention”, American Econmic Review, 88(2), 122-126.Areni, C. S., (2008), “(Tell Me Why) I Don`t Like Mondays: Does An Overvaluation of Future Discretionary Time Underlie Reported Weekly Mood Cycles?”, Cognition and Emotion, 22 (7), 1228-1252.Ariel, R.A., (1987) “A monthly effect in stock returns”, Journal of Financial Economics,18(1), 161-174.Bachelier, L., (1990), “Théorie de la spéculation”, Annales scientifiques de l`École Normale Supérieure, 3(17), 21-86.Baker, M., and Wurgler, J., (2006), “Investor Sentiment and the Cross-Section of Stock Returns”, Journal of Finance, 61(4), 1645-1680.Bergsma, K., and Jiang, D, (2015), “Cultural New Year Holidays and Stock Returns around the World”, Financial Management, 45(1), 3-35.Bless, H., Clore, L., Schwarz, N., Golisano, V., Rabe, C., and Wolk, M., (1996), “Mood and the Use of Scripts: Does a Happy Mood Really Lead to Mindlessness?”, Journal of Personality and Social Psychology, 71, 665-679.Browne, M. J., and Doerpinghaus, H. I., (1993), “Information Asymmetries and Adverse Selection in the Market for Individual Medical Expense Insurance”, Journal of Risk and Insurance, 60, 300-312.Browne, M. J., Knoller, C., and Richter, A., (2015), “Behavioral bias and the demand for bicycle and flood insurance”, Journal of Risk and Uncertainty, 50, 141-160.Cao, M., and Wei, J., (2001), “Stock Market Returns: A Temperature Anomaly”, Working paper, University of Toronto.Chiappori, P. A., and Salanie, B., (2000), “Testing for Asymmetric Information in Insurance Markets”, Journal of Political Economy, 108(1),56-78.Dionne, G., and St-Michel, P., (1991), “Workers’ Compensation and Moral Hazard”, Review of Economics and Statistics, 73(2), 236-244.Dodd, O., and Gakhovich, A., (2011), “The Holiday Effect in Central and Eastern European Financial Markets”, Investment Management and Financial Innovations, 8(4), 29-35.Erber, R., and Tesser, A., (1992), “Task Effort and the Regulation of Mood: The Absorption Hypothesis”, Journal of Experimental Social Psychology, 28(4), 339-359.Fama, E.F., (1969), “Efficient Capital Markets: A Review of Theory and Empirical Work”, The Journal of Finance, 25(2), 28-30.Frieder, L., and Subrahmanyam, A., (2004), “Nonsecular Regularities in Returns and Volume”, Financial Analysts Journal, 60(4), 29-34.Frijda, N. H., (1993),“The Place of Appraisal in Emotion.”, Cognition and Emotion, 7, 357-387.Gardner, R. C., (1985), Social psychology and second language learning: The role of attitudes and motivation, London: Edward Arnold Publishers.Gardner, M. P., and Ronald P. H., (1988), “Consumers` Mood States: Antecedents and Consequences of Experiential Vs. Informational Strategies for Brand Choice”, Psychology & Marketing, 5 (2), 169-182.Gerhard, K., and Lei,K., (2005) “Calendar effects in Chinese stock market. ”, Annals of Economics and Finance, 6 (1), 75-88.Hirshleifer, D., and Shumway, T., (2003), “Good Day Sunshine: Stock Returns and the Weather”, Journal of Finance, 55 (3), 1009-1032.Kunkel, R.A., Compton, W.S., and Beyer, S., (2003), “The turn-of-the-month effect still lives: the international evidence”, International Review of Financial Analysis, 12(2), 207-221.Kuykendall, D., and Keating, J. P., (1990), “Mood and Persuasion: Evidence for the Differential Impact of Positive and Negative States”, Psychology and Marketing, 7(1), 1-9.Mackie, D. M., and Worth, L. T., (1989), “Processing Deficits and the Mediation of Positive Affect in Persuasion”, Journal of Personality and Social Psychology, 57(1), 27-40.Meneu, V., and Pardo, A., (2004), “Pre-Holiday Effect, Large Trades and Small Investor Behavior”, Journal of Empirical Finance, 11, 231-246.Moskowitz, D. S., Brown, K. W., and Côté, S., (1997), “Reconceptualizing Stability: Using Time as a Psychological Dimension”, Current Directions in Psychological Science, 6(5), 127-131.Patricia, J. D., and Irwin, P. L., (1986), “The Effect of Mood Induction in a Risky Decision-Making Task”, Bulletin of the Psychonomic Society volume, 24, 4-6.Richter, A., Schiller, J., and Schlesinger, H., (2014), “Behavioral insurance: Theory and experiments”, Journal of Risk and Uncertainty, 48, 85-96.Rothschild, M., and Stiglitz, J., (1976), “Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information”, Quarterly Journal of Economics, 90(4), 629-649.Sanders, L., and Brizzolara, S., (1982), “Relationships between Weather and Mood”, Journal of General Psychology, 107, 155-171.Saunders, L., (1993), “Stock Prices and Wall Street Weather”, The American Economic Review, 83(5), 1337-1345.Schwarz, N., and Clore, L., (1983), “Mood, Misattribution, and Judgments of Well-Being: Informative and Directive Functions of Affective States”, Journal of Personality and Social Psychology, 45, 513-536.Shefrin, H., (2002), Beyond Greed and Fear: Understanding Behavior Finance and the Psychology of Investing. Boston, MA: Harvard Business School Press.Thaler, R., (1985), “Mental Accounting and Consumer Choice”, Journal of Marketing Science, 4, 199-214.Van Raaij, W. F. (1981), “Economic psychology”, Journal of Economic Psychology, 1(1), 1-24.Yuan, K., Zheng, L., and Zhu, Q., (2006), “Are Investors Moonstruck? Lunar Phases and Stock Returns”, Journal of Empirical Finance, 13, 1-23. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202100802 en_US
