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Inequality and Risk Aversion in Health and Income: An Empirical Analysis Using Hypothetical Scenarios with Losses

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Author Info

  • Ignacio Abásolo

    ()
    (Departamento de Economía de las Instituciones, Estadística Económica y Econometría, Facultad de Ciencias Económicas y Empresariales. Universidad de La Laguna, Spain)

  • Aki Tsuchiya

    ()
    (Department of Economics, The University of Sheffield)

Abstract

Four kinds of distributional preferences are explored: inequality aversion in health, inequality aversion in income, risk aversion in health, and risk aversion in income. Face to face interviews of a representative sample of the general public are undertaken using hypothetical scenarios involving losses in either health or income. Whilst in health risk aversion is stronger than inequality aversion, in the income context we cannot reject that attitudes to inequality aversion and risk aversion are the same. When we compare across contexts we find that inequality aversion and risk aversion are both stronger in income than they each are in health.

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File URL: http://www.shef.ac.uk/economics/research/serps/articles/2013_005.html
File Function: First version, 2013
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Bibliographic Info

Paper provided by The University of Sheffield, Department of Economics in its series Working Papers with number 2013005.

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Length: 35 pages
Date of creation: 2013
Date of revision:
Handle: RePEc:shf:wpaper:2013005

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Keywords: inequality; risk aversion; health; income;

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Cited by:
  1. Alexia Gaudeul, 2013. "Social preferences under uncertainty," Jena Economic Research Papers 2013-024, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.

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