Updated on 2025/05/08

写真a

 
HOSHINO, Akio
 
Affiliation
Faculty of Commerce, School of Commerce
Job title
Associate Professor

Professional Memberships

  • 2015.01
    -
    Now

    The Japanese Society of Insurance Science

  • 1989.02
    -
    Now

    Fellow of Institute of Actuaries of Japan

 

Papers

  • How do floods affect insurance demand? Evidence from flood insurance take-up in Japan

    Jie Shao, Akio Hoshino, Satoshi Nakaide

    International Journal of Disaster Risk Reduction   83  2022.12

     View Summary

    This study examines the hypothetical impact of floods on people's flood insurance purchase decisions, and how this impact may differ among people with different socioeconomic, geographic, and financial literacy characteristics. We find a significant yet short-lived (1-year) impact of floods on people's demand for flood insurance at an ecological level (prefectures). Different aspects of flood damage have different impacts on flood insurance take-up, with human casualties having the greatest impact on people's perception of flood risk. We also find that groups with different socioeconomic characteristics, such as age, education, and insurance agent density, react differently to floods concerning insurance purchases. We confirm a positive relationship between objective risk exposure and people's perception of the flood experience. Finally, an analysis of the Financial Literacy Survey demonstrates the impact of three cognitive biases (loss aversion, myopic, herding) on flood insurance take-up. These findings provide empirical evidence for various psychological and behavioral theories, and important policy references for countries aiming to develop flood insurance in the future.

    DOI

  • リスク選好に関する一考察 : 純粋,投機的,射幸的の3種のリスクにおけるリスク・プレミアムの水準

    星野 明雄

    保険学雑誌 = Journal of insurance science / 日本保険学会 編   ( 659 ) 327 - 355  2022.12

  • Petersberg's Paradox Revisited

    Akio Hoshino

      ( 116 ) 34 - 45  2021.09

    Authorship:Lead author, Last author, Corresponding author

  • Impact of Automated Driving Technology on Japanese Automobile Insurance Market

    Akio Hoshino

    The Korean-Japanese Journal of Economics and Management Studies   92   123 - 141  2021.09  [Refereed]

    Authorship:Lead author, Last author, Corresponding author

  • 「A Study of Risk Preference: The Shape of Utility Functions for Three Different Types of Risk.」

    Akio Hoshino

    Journal of International Trade and Insurance   22 ( 4 ) 75 - 90  2021.09  [Refereed]

    Authorship:Lead author, Last author, Corresponding author

  • Psychology of Insurance Customers : How Contemplation on Insurance Provokes Procrastination

    Journal of insurance   72   167 - 194  2020

  • 新型自動車保険TAP開発について

    星野 明雄

    損害保険研究   61 ( 1 ) 95 - 135  1999.05

    Authorship:Last author, Corresponding author

    CiNii

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Books and Other Publications

  • 新しい時代を拓く損害保険

    損害保険事業総合研究所編, 中出, 哲, 中林, 真理子, 平澤, 敦 監修(第4章 損害保険の市場、第6章 くるまの保険)

    有斐閣  2024.06 ISBN: 9784641166301

  • アクチュアリー数理の基礎「数学」

    星野, 明雄

    成文堂  2023.11 ISBN: 9784792342692

  • 保険商品開発の理論

    星野 明雄( Part: Sole author)

    保険毎日新聞社  2022.01 ISBN: 9784892934452

Misc

  • A Study on Risk Preference -Risk Premiums for Pure, Speculative and Lottery Risk

    Hoshino Akio

    Hokengakuzasshi (JOURNAL of INSURANCE SCIENCE)   2022 ( 659 ) 659_327 - 659_355  2022.12

    DOI

 

Syllabus

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Sub-affiliation

  • Affiliated organization   Global Education Center

  • Faculty of Commerce   Graduate School of Accountancy

Research Institute

  • 2022
    -
    2034

    Research Institute of Business Administration   Concurrent Researcher

Internal Special Research Projects

  • 3種のリスク区分の導入によるリスク選好の分析

    2024  

     View Summary

    This study introduces a novel framework that consistently explains people's risk preferences. The author aims to evaluate these preferences using this innovative framework quantitatively.The framework categorizes risk into three types: pure, speculative, and speculative (or lottery). This explains the seemingly contradictory mix of risk-averse preferences for insurance and risk-loving preferences for lotteries. This comprehensive approach will allow us to measure the risk premium for each of the three categories, providing novel insights into risk management strategies.This study categorizes risk into three types: pure risk (insurance), speculative risk (stock investments), and lottery risk (gambling) to capture varying risk preferences. Using survey data from 1,000 Japanese participants, the study assesses willingness to pay (WTP) for insurance, stock investments, and lotteries. The research introduces two metrics to quantify risk appetite: a risk premium coefficient (h) and risk premium per unit of standard deviation (RP/Δσ). The research plan involves conducting multiple surveys over three years. The survey was conducted in fiscal year 2022, yielding 1,000 valid responses. Significant findings include that individuals exhibit domain-specific risk preferences, with risk aversion predominant in insurance, risk-seeking behavior in lotteries, and moderate risk aversion in stock investments. Importantly, risk preferences across categories show minimal correlation. Risk attitudes are not universal; being enthusiastic about insurance does not imply that individuals are risk-averse regarding investments or gambling. Individuals demonstrate varying risk behaviors based on the nature of the risk. These findings suggest that economic models should consider context-dependent risk preferences rather than fixed personal ones. The results impact financial decision-making, insurance pricing, investment behavior, and the design of policies. As of the end of March 2025, the results and implications have been incorporated into a paper titled “Understanding Risk Preferences: A Three-Type Classification Approach.” This paper was accepted for the upcoming 2025 World Risk and Insurance Economics Congress in Calgary, August 3-7, an international conference co-hosted by the American Risk and Insurance Association (ARIA), the European Group of Risk and Insurance Economists (EGRIE), and the Asia-Pacific Risk and Insurance Association (APRIA). We aim to publish the results in The Journal of Risk and Insurance after getting feedback at the WRIEC 2025. Additionally, we believe these findings suggest further insights when the issue is explored in more detail, and we are currently developing the design of subsequent surveys to gain a broader understanding.

  • 契約者の属性と保険加入意向の関係の分析

    2023  

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    This study introduces a novel framework that consistently explains people's risk preferences. We aim to evaluate these preferences using this innovative framework quantitatively.The framework divides risk into three categories: pure, speculative, and shooting (lottery). This explains the seemingly contradictory mix of risk-averse preferences for insurance and risk-loving preferences for lotteries. This comprehensive approach will allow us to measure the risk premium for each of the three categories, providing valuable insights for risk management strategies.Our research plan entails conducting multiple surveys over a three-year period (initially over two years). The survey was conducted in FY2022, with 1,000 valid responses. As of the end of March 2024, we analyzed the survey data and measured the risk premium regarding expected value and variance pricing. We identified the distribution of subjects' risk premiums. We also conducted cross-sectional analyses and regression analyses between risk preferences for different types of risks. It showed that the magnitude of risk aversion in pure risk has almost no relation with the magnitude of risk love in shooting risk. We believe these findings are worth further exploration and are currently working on the design of subsequent surveys to further clarify the meanings of the findings.We aim to publish the results in foreign or domestic journals in FY 2024.

  • リスク選好理論のフレームワーク構築と選好度の定量的評価

    2022  

     View Summary

    This study proposes a framework to explainpeople's risk preferences in a consistent manner and aims to quantitativelyevaluate risk preferences using this framework. The framework divides risk into threecategories: pure risk, speculative risk, and lottery risk. This explains theseemingly contradictory mix of risk-averse preferences for insurance andrisk-loving preferences for lotteries. The research plan is to conduct multiplesurveys over a two-year period and to measure the risk premium for each of thethree categories. This year's objectives were (1) to examinethe design of the survey, particularly the ease of understanding the survey questions by respondents,(2) to verify the validity of the method by conducting the first round of the survey,and (3) to obtain 1,000 valid responses.As of the end of March, (1) to (3) above progressedas expected. In FY2023, we plan to analyze the dataobtained from the first survey and measure the risk premium, design and conductthe second and subsequent surveys, analyze the data, and publish the results inforeign or domestic journals.