TOWARDS AN ABM-BASED FRAMEWORK FOR INVESTIGATING CONSUMER BEHAVIOUR IN THE INSURANCE INDUSTRY
This paper presents a framework that builds upon agent-based modelling for investigating the behaviour of consumers in the insurance industry. Consumers are modelled as agents and clustered in groups reflecting their income levels. Agents that model consumers are characterised by their socio-demogra...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Vilnius University Press
2010-01-01
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| Series: | Ekonomika |
| Online Access: | https://www.journals.vu.lt/ekonomika/article/view/983 |
| _version_ | 1811331655512621056 |
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| author | Aurelija Ulbinaitė Yannick Le Moullec |
| author_facet | Aurelija Ulbinaitė Yannick Le Moullec |
| author_sort | Aurelija Ulbinaitė |
| collection | DOAJ |
| description | This paper presents a framework that builds upon agent-based modelling for investigating the behaviour of consumers in the insurance industry. Consumers are modelled as agents and clustered in groups reflecting their income levels. Agents that model consumers are characterised by their socio-demographic features and interact with other insurance consumer-agents by means of local and global social networks. Furthermore, the environment in which they evolve models the impact of external factors such as mortality, disease and other accident rates as well as insurance culture. This makes that consumer-agents accumulate experience, improve their understanding and knowledge of financial products, and thus develop their perception of need for security and consider the usefulness of insurance services. In turn, the framework enables to model the construction of the customers’ insurance product purchase decision.
p> |
| first_indexed | 2024-04-13T16:23:57Z |
| format | Article |
| id | doaj.art-6c848b20f1f54cc9b6c646a4a27cb852 |
| institution | Directory Open Access Journal |
| issn | 1392-1258 2424-6166 |
| language | English |
| last_indexed | 2024-04-13T16:23:57Z |
| publishDate | 2010-01-01 |
| publisher | Vilnius University Press |
| record_format | Article |
| series | Ekonomika |
| spelling | doaj.art-6c848b20f1f54cc9b6c646a4a27cb8522022-12-22T02:39:48ZengVilnius University PressEkonomika1392-12582424-61662010-01-0189210.15388/Ekon.2010.0.983TOWARDS AN ABM-BASED FRAMEWORK FOR INVESTIGATING CONSUMER BEHAVIOUR IN THE INSURANCE INDUSTRYAurelija UlbinaitėYannick Le MoullecThis paper presents a framework that builds upon agent-based modelling for investigating the behaviour of consumers in the insurance industry. Consumers are modelled as agents and clustered in groups reflecting their income levels. Agents that model consumers are characterised by their socio-demographic features and interact with other insurance consumer-agents by means of local and global social networks. Furthermore, the environment in which they evolve models the impact of external factors such as mortality, disease and other accident rates as well as insurance culture. This makes that consumer-agents accumulate experience, improve their understanding and knowledge of financial products, and thus develop their perception of need for security and consider the usefulness of insurance services. In turn, the framework enables to model the construction of the customers’ insurance product purchase decision. p>https://www.journals.vu.lt/ekonomika/article/view/983 |
| spellingShingle | Aurelija Ulbinaitė Yannick Le Moullec TOWARDS AN ABM-BASED FRAMEWORK FOR INVESTIGATING CONSUMER BEHAVIOUR IN THE INSURANCE INDUSTRY Ekonomika |
| title | TOWARDS AN ABM-BASED FRAMEWORK FOR INVESTIGATING CONSUMER BEHAVIOUR IN THE INSURANCE INDUSTRY |
| title_full | TOWARDS AN ABM-BASED FRAMEWORK FOR INVESTIGATING CONSUMER BEHAVIOUR IN THE INSURANCE INDUSTRY |
| title_fullStr | TOWARDS AN ABM-BASED FRAMEWORK FOR INVESTIGATING CONSUMER BEHAVIOUR IN THE INSURANCE INDUSTRY |
| title_full_unstemmed | TOWARDS AN ABM-BASED FRAMEWORK FOR INVESTIGATING CONSUMER BEHAVIOUR IN THE INSURANCE INDUSTRY |
| title_short | TOWARDS AN ABM-BASED FRAMEWORK FOR INVESTIGATING CONSUMER BEHAVIOUR IN THE INSURANCE INDUSTRY |
| title_sort | towards an abm based framework for investigating consumer behaviour in the insurance industry |
| url | https://www.journals.vu.lt/ekonomika/article/view/983 |
| work_keys_str_mv | AT aurelijaulbinaite towardsanabmbasedframeworkforinvestigatingconsumerbehaviourintheinsuranceindustry AT yannicklemoullec towardsanabmbasedframeworkforinvestigatingconsumerbehaviourintheinsuranceindustry |