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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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File URL: http://www.sciencedirect.com/science/article/pii/S0167-6296(07)00081-1
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Article provided by Elsevier in its journal Journal of Health Economics.

Volume (Year): 27 (2008)
Issue (Month): 3 (May)
Pages: 706-717

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Handle: RePEc:eee:jhecon:v:27:y:2008:i:3:p:706-717
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505560

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  1. Anderhub, Vital & Gneezy, Uri & Güth, Werner & Sonsino, Doron, 1999. "On the interaction of risk and time preferences: An experimental study," SFB 373 Discussion Papers 1999,65, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  2. Brooks, Richard AU -, 1996. "EuroQol: the current state of play," Health Policy, Elsevier, vol. 37(1), pages 53-72, July.
  3. 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, 07.
  4. 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.
  5. Kenneth R. MacCrimmon & Donald A. Wehrung, 1990. "Characteristics of Risk Taking Executives," Management Science, INFORMS, vol. 36(4), pages 422-435, April.
  6. Friedrich Breyer & Victor R. Fuchs, 1982. "Risk Attitudes in Health: An Exploratory Study," NBER Working Papers 0875, National Bureau of Economic Research, Inc.
  7. 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.
  8. Amiram Gafni & George W. Torrance, 1984. "Risk Attitude and Time Preference in Health," Management Science, INFORMS, vol. 30(4), pages 440-451, April.
  9. 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.
  10. 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.
  11. McFadden, Daniel, 1999. "Rationality for Economists?," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 73-105, December.
  12. Loewenstein, George, 1987. "Anticipation and the Valuation of Delayed Consumption," Economic Journal, Royal Economic Society, vol. 97(387), pages 666-84, September.
  13. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
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Cited by:

  1. 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.
  2. Petrolia, Daniel, 2015. "Risk Preferences, Risk Perceptions, and Risky Food," Working Papers 212481, Mississippi State University, Department of Agricultural Economics.
  3. 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.
  4. 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.
  5. Matteo M. Galizzi, 2014. "What is really behavioral in behavioral health policy? And does it work?," LSE Research Online Documents on Economics 55969, London School of Economics and Political Science, LSE Library.
  6. 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.

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