The Impact of Residents' Happiness on Family Commercial Insurance: A Test of Transmission Mechanism from Heterogeneity Perspective

Abstract

Abstract: Based on the mixed panel data of China Household Finance Survey (CHFS) in 2011, 2013 and 2015, this paper explores the impact of happiness on the family commercial insurance consumption behavior. Different from the previous researches, this article incorporates the type differences of commercial insurance into the analytical framework while examining the relationship between happiness and the overall family commercial insurance. The findings show that happiness can significantly increase the possibility of family commercial insurance participation and the scale of family commercial insurance participation. This promotion is mainly manifested in the overall commercial insurance and life insurance behaviors, and the above conclusion is still the same after the two-stage instrumental variable regression is used to test with the average precipitation data of year, day and night. The mechanism path analysis shows that happiness can affect the participation behavior of commercial insurance through the channels of life expectation and social interaction. The heterogeneity analysis shows that happiness has a more prominent effect on the promotion of commercial insurance participation in the family groups in rural areas with higher income.

Key words: residents' happiness, family commercial insurance, life expectation, social interaction

CLC Number:

F890.6

CAO Zhi, YE Xian, WU Fei. The Impact of Residents' Happiness on Family Commercial Insurance: A Test of Transmission Mechanism from Heterogeneity Perspective[J]. Journal of Jiangxi University of Finance and Economics, 2020, 0(2): 62-75.

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