• Thanida Chitnomrath College of Innovative Business and Accountancy, Dhurakij Pundit University


Microinsurance, Concepts and Theories of Behavioral Economics


This academic article is concerned microinsurance for people that have low income. The purpose of the article is to review microinsurance literature on the concepts and theories of behavioral economics, including the concept of risk behavior of individuals and the theory of expected utility, concepts about loss aversion and expectation theory, concepts of ambiguity aversion and individual behavior being satisfied with the current return over the future (Hyperbolic discounting). In addition, the review also presents a test of concepts and theories in practice. The test reveals several factors that may contribute significantly to the demand for microinsurance products and the growth extension of the insurance industry in emerging markets.


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How to Cite

Chitnomrath, T. (2020). THEORETICAL CONCEPTS OF MICROINSURANCE. Suthiparithat, 32(102), 264–276. Retrieved from



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