@article {10166, title = {Narrow framing and long-term care insurance}, journal = {Journal of Risk and Insurance}, volume = {84}, year = {2020}, pages = {861-893}, type = {Journal}, abstract = {We propose a model of narrow framing in insurance and test it using data from a new module we designed and fielded in the Health and Retirement Study. We show that respondents subject to narrow framing are substantially less likely to buy long-term care insurance than average. This effect is much larger than the effects of risk aversion or adverse selection, and it offers a new explanation for why people underinsure their later-life care needs. }, keywords = {Finances, Long-term care insurance}, issn = {0022-4367}, doi = {10.1111/jori.12290}, author = {Gottlieb, Daniel and Olivia S. Mitchell} }