experimental study, the analysis on two levels of substitution between
insurance and self-insurance shows that a higher unit price results in a quantity-based
substitution and a between-tools substitution while the only effect of a higher
fixed cost is to reduce the insurance market. The optimality of the coverage
demands associated with the equalization of marginal returns is not achieved.
Instead, individuals chose a stable global amount of coverage. These behavioral
insights have a potential impact on public policies related to insurance and