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The role of regret minimisation in lifestyle choices affecting the risk of coronary heart disease

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  • Boeri, Marco
  • Longo, Alberto
  • Grisolía, José M.
  • Hutchinson, W. George
  • Kee, Frank
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    Abstract

    This paper introduces the discrete choice model-paradigm of Random Regret Minimisation (RRM) to the field of health economics. The RRM is a regret-based model that explores a driver of choice different from the traditional utility-based Random Utility Maximisation (RUM). The RRM approach is based on the idea that, when choosing, individuals aim to minimise their regret–regret being defined as what one experiences when a non-chosen alternative in a choice set performs better than a chosen one in relation to one or more attributes. Analysing data from a discrete choice experiment on diet, physical activity and risk of a fatal heart attack in the next ten years administered to a sample of the Northern Ireland population, we find that the combined use of RUM and RRM models offer additional information, providing useful behavioural insights for better informed policy appraisal.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Health Economics.

    Volume (Year): 32 (2013)
    Issue (Month): 1 ()
    Pages: 253-260

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    Handle: RePEc:eee:jhecon:v:32:y:2013:i:1:p:253-260

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    Web page: http://www.elsevier.com/locate/inca/505560

    Related research

    Keywords: Random Regret Minimisation; Random Utility Maximisation; Dietary choices; Physical activity; Coronary heart disease risk; Behavioural economics;

    References

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    Cited by:
    1. Chorus, Caspar, 2013. "A Generalized Random Regret Minimization Model," MPRA Paper 51637, University Library of Munich, Germany.

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