Anxiety, Cognitive Availability, and the Talisman Effect of Insurance

Bibliographic Data

ID21454089
AuthorsRobert M Schindler (0000-0001-9160-5168, Rutgers University, Camden, NJ, USA), Mathew S Isaac (0000-0002-3182-1341, Seattle University, WA, USA, corresponding author), Eric Dolansky (Brock University, St. Catharines, Ontario, Canada), Grant C Adams (Faulkner Automotive Group, Feasterville-Trevose, PA, USA)
Year2023
Volume49
Issue4
Pages642-656
Publication date2023-04-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenuePersonality and Social Psychology Bulletin (JOURNAL)
Journal identifiersISSN: 0146-1672 • E-ISSN: 1552-7433
PublisherSAGE Publications (PUBLISHER • US)
DOI10.1177/01461672221077791
PMID35227122
OpenAlexW4214741076
LanguageEN
References cited25

Across four experiments ( N = 1,923), this research provides converging evidence of a talisman effect of insurance—consumers who have an insurance policy feel that the covered mishap is less likely to occur. Although such an effect has previously been proposed, empirical evidence for it is limited, in part because the talisman effect has often been conflated with a related but distinct magical-thinking phenomenon, the tempting-fate effect. By disentangling these two effects, we are better able to isolate the talisman effect and show that it is a robust phenomenon in its own right. We also provide support for a mechanism underlying the talisman effect: Insurance reduces anxiety and repetitious thoughts related to the mishap; with fewer thoughts about the mishap, its cognitive availability is lower and so it seems less likely to occur

Anxiety · Cognition · Psychiatry · Clinical Psychology · Decision-Making and Behavioral Economics · Optimism, Hope, and Well-being · Psychology · Psychology of Moral and Emotional Judgment · Social Psychology

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