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Risk aversion in medical decision making: a survey

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  • Liliana Chicaíza
  • Mario García
  • Giancarlo Romano
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    Abstract

    This article surveys the literature on risk aversion in medical decision making. The search covered Econlit, Jstor Science Direct and Springer Link since 1985. The results are classified in three topics: Risk aversion in the frameworks of Expected Utility and Rank Dependent Expected Utility theories, and the methodologies for measuring risk aversion and its applications to clinical situations from the points of view of economics and psychology. It was found that, despite conceptual and methodological progress in the measurement of risk aversion, experimental progress has been limited mainly to psychological approaches.

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    File URL: http://aprendeenlinea.udea.edu.co/revistas/index.php/lecturasdeeconomia/article/view/11480/10476
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    Bibliographic Info

    Article provided by Universidad de Antioquia, Departamento de Economía in its journal LECTURAS DE ECONOMÍA.

    Volume (Year): (2011)
    Issue (Month): 75 ()
    Pages: 163-185

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    Handle: RePEc:lde:journl:y:2011:i:75:p:163-185

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    Web page: http://economia.udea.edu.co
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    Postal: Lecturas de Economía, Departamento de Economía, Calle 67, 53-108, Medellin 050010, Colombia.

    Related research

    Keywords: Health economics; decision; risk aversion; subjective expected utility; rank dependent expected utility;

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