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Is risk attitude outcome specific within the health domain?

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  • van der Pol, Marjon
  • Ruggeri, Matteo

Abstract

The aim of this study is to examine whether individuals' risk attitude for life years differ from their risk attitude for quality of life. The study also investigates two different framing effects, an order and sequence effect, and the interaction between risk attitude and time preferences. The results showed that individuals tended to be risk averse with respect to the gamble involving risk of immediate death and risk seeking with respect to the other health gambles. Varying the order of the questions or the sequence of full health and ill-health did not seem to systematically bias the estimates.

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  • van der Pol, Marjon & Ruggeri, Matteo, 2008. "Is risk attitude outcome specific within the health domain?," Journal of Health Economics, Elsevier, vol. 27(3), pages 706-717, May.
    • Handle: RePEc:eee:jhecon:v:27:y:2008:i:3:p:706-717
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    References listed on IDEAS

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    1. Brooks, Richard AU -, 1996. "EuroQol: the current state of play," Health Policy, Elsevier, vol. 37(1), pages 53-72, July.
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    5. Dolan, Paul, 2000. "The measurement of health-related quality of life for use in resource allocation decisions in health care," Handbook of Health Economics,in: A. J. Culyer & J. P. Newhouse (ed.), Handbook of Health Economics, edition 1, volume 1, chapter 32, pages 1723-1760 Elsevier.
    6. McFadden, Daniel, 1999. "Rationality for Economists?," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 73-105, December.
    7. Vital Anderhub & Werner Güth & Uri Gneezy & Doron Sonsino, 2001. "On the Interaction of Risk and Time Preferences: An Experimental Study," German Economic Review, Verein für Socialpolitik, vol. 2(3), pages 239-253, August.
    8. Loewenstein, George, 1987. "Anticipation and the Valuation of Delayed Consumption," Economic Journal, Royal Economic Society, vol. 97(387), pages 666-684, September.
    9. Robert B. Barsky & F. Thomas Juster & Miles S. Kimball & Matthew D. Shapiro, 1997. "Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study," The Quarterly Journal of Economics, Oxford University Press, vol. 112(2), pages 537-579.
    10. Friedrich Breyer & Victor R. Fuchs, 1982. "Risk Attitudes in Health: An Exploratory Study," NBER Working Papers 0875, National Bureau of Economic Research, Inc.
    11. Marjon M. Van Der Pol & John A. Cairns, 2000. "Negative and zero time preference for health," Health Economics, John Wiley & Sons, Ltd., vol. 9(2), pages 171-175.
    12. van der Pol, Marjon & Cairns, John, 2002. "A comparison of the discounted utility model and hyperbolic discounting models in the case of social and private intertemporal preferences for health," Journal of Economic Behavior & Organization, Elsevier, vol. 49(1), pages 79-96, September.
    13. Darren Hudson & Keith Coble & Jayson Lusk, 2005. "Consistency of risk premium measures," Agricultural Economics, International Association of Agricultural Economists, vol. 33(1), pages 41-49, July.
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    Cited by:

    1. Grimm, Michael & Treibich, Carole, 2016. "Why do some motorbike riders wear a helmet and others don’t? Evidence from Delhi, India," Transportation Research Part A: Policy and Practice, Elsevier, vol. 88(C), pages 318-336.
    2. Galizzi, Matteo M. & Miraldo, Marisa & Stavropoulou, Charitini & van der Pol, Marjon, 2016. "Doctor–patient differences in risk and time preferences: A field experiment," Journal of Health Economics, Elsevier, vol. 50(C), pages 171-182.
    3. Cornel Kaufmann, Tobias Mueller, Andreas Hefti, Stefan Boes, 2018. "Does personalized information improve health plan choices when individuals are distracted?," Diskussionsschriften dp1808, Universitaet Bern, Departement Volkswirtschaft.
    4. Michael Grimm & Carole Treibich, 2013. "Why Do Some Bikers Wear a Helmet and Others Don't? Evidence from Delhi, India," Working Papers halshs-00871749, HAL.
    5. Matteo M. Galizzi, 2014. "What Is Really Behavioral in Behavioral Health Policy? And Does It Work?," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 36(1), pages 25-60.
    6. Petrolia, Daniel R., 2016. "Risk preferences, risk perceptions, and risky food," Food Policy, Elsevier, vol. 64(C), pages 37-48.
    7. Grimm, M. & Treibich, C., 2010. "Socio-economic determinants of road traffic accident fatalities in low and middle income countries," ISS Working Papers - General Series 19841, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    8. repec:spr:sochwe:v:51:y:2018:i:1:d:10.1007_s00355-018-1111-y is not listed on IDEAS
    9. Miraldo, M & Galizzi, M & Stavropoulou, C, 2013. "Doctor-patient differences in risk preferences, and their links to decision-making: a field experiment," Working Papers 12578, Imperial College, London, Imperial College Business School.

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