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Herd Behavior in Auto Insurance Purchase Decision
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Herd behavior in insurance purchases
Very short description for use in the program to help attendees understand more than a title can describe
Consumers tend to search for information to reduce uncertainty and risk. In complex and unfamiliar situations, people attempt to utilize all accessible information, including product profiles and recommendation information in making final decisions (Todd and Benbasat, 2000). Furthermore, consumers may use heuristics, such as recommendations from others, to minimize the effort of decisions-making (Lee and Geistfeld, 1998). In this paper, by conducting a well-designed survey, we examine the herd behavior in the insurance markets and relative strength of an expert opinion versus crowd opinion influencing auto insurance choices of consumers.
Lead & Corresponding Author
FAN LIU, PhD, Shippensburg University
Job Title
Associate Professor in Finance