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Allocating health care resources under risk: risk aversion and prudence matter

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Author Info

  • Phuong Bui

    (MPSE, University Toulouse 1, France)

  • David Crainich

    (CRESGE, Catholic Faculties of Lille, France)

  • Louis Eeckhoudt

Abstract

In a recent contribution to this journal, M. Hoel correctly shows that under risk aversion the allocation of health resources should be directed to health conditions for which the expected outcomes are below average. In this letter we show that besides risk aversion, the degree of absolute prudence (to be defined in the text) also matters to obtain an optimal allocation. Copyright © 2005 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/hec.992
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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Health Economics.

Volume (Year): 14 (2005)
Issue (Month): 10 ()
Pages: 1073-1077

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Handle: RePEc:wly:hlthec:v:14:y:2005:i:10:p:1073-1077

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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/5749

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References

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  1. Menezes, C & Geiss, C & Tressler, J, 1980. "Increasing Downside Risk," American Economic Review, American Economic Association, vol. 70(5), pages 921-32, December.
  2. Michael Hoel, 2003. "Allocating health care resources when people are risk averse with respect to life time," Health Economics, John Wiley & Sons, Ltd., vol. 12(7), pages 601-608.
  3. EECKHOUDT, Louis & Christian GOLLIER & Thierry SCHNEIDER, 1994. "Risk Aversion, Prudence and Temperance : A Unified Approach," Working Papers 006, Risk and Insurance Archive.
  4. Joshua Graff Zivin, 2001. "Cost-effectiveness analysis with risk aversion," Health Economics, John Wiley & Sons, Ltd., vol. 10(6), pages 499-508.
  5. Miles S. Kimball, 1989. "Precautionary Saving in the Small and in the Large," NBER Working Papers 2848, National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. Christophe Courbage, 2010. "On priority setting in preventive care resources," Health Economics, John Wiley & Sons, Ltd., vol. 19(4), pages 485-490.
  2. Berger, Loïc & Bleichrodt, Han & Eeckhoudt, Louis, 2013. "Treatment decisions under ambiguity," Journal of Health Economics, Elsevier, vol. 32(3), pages 559-569.
  3. Noussair, C.N. & Trautmann, S.T. & Kuilen, G. van de & Vellekoop, N., 2012. "Risk Aversion and Religion," Discussion Paper 2012-073, Tilburg University, Center for Economic Research.
  4. Jouini, Elyès & Napp, Clotilde & Nocetti, Diego, 2013. "On multivariate prudence," Journal of Economic Theory, Elsevier, vol. 148(3), pages 1255-1267.
  5. repec:hal:wpaper:halshs-00635558 is not listed on IDEAS
  6. BLEICHRODT, Han & CRAINICH, David & EECKHOUDT, Louis, . "Aversion to health inequalities and priority setting in health care," CORE Discussion Papers RP -2099, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Laura Levaggi & Rosella Levaggi, 2010. "Strategic costs and preferences revelation in the allocation of resources for health care," International Journal of Health Care Finance and Economics, Springer, vol. 10(3), pages 239-256, September.
  8. Courbage, Christophe & Rey, Béatrice, 2012. "Priority setting in health care and higher order degree change in risk," Journal of Health Economics, Elsevier, vol. 31(3), pages 484-489.

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