The role of regret minimisation in lifestyle choices affecting the risk of coronary heart disease
This paper introduces the discrete choice model-paradigm of Random Regret Minimisation (RRM) to the field of health economics. The RRM is a regret-based model that explores a driver of choice different from the traditional utility-based Random Utility Maximisation (RUM). The RRM approach is based on the idea that, when choosing, individuals aim to minimise their regret–regret being defined as what one experiences when a non-chosen alternative in a choice set performs better than a chosen one in relation to one or more attributes. Analysing data from a discrete choice experiment on diet, physical activity and risk of a fatal heart attack in the next ten years administered to a sample of the Northern Ireland population, we find that the combined use of RUM and RRM models offer additional information, providing useful behavioural insights for better informed policy appraisal.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Anna Alberini & Aline Chiabai, 2006.
"Urban Environmental Health and Sensitive Populations: How Much Are the Italians Willing to Pay to Reduce Their Risks?,"
ERSA conference papers
ersa06p293, European Regional Science Association.
- Alberini, Anna & Chiabai, Aline, 2007. "Urban environmental health and sensitive populations: How much are the Italians willing to pay to reduce their risks?," Regional Science and Urban Economics, Elsevier, vol. 37(2), pages 239-258, March.
- Anna Alberini & Aline Chiabai, 2005. "Urban Environmental Health and Sensitive Populations: How Much are the Italians Willing to Pay to Reduce Their Risks?," Working Papers 2005.105, Fondazione Eni Enrico Mattei.
- Alberini, Anna & Cropper, Maureen & Krupnick, Alan & Simon, N.B.Nathalie B., 2004. "Does the value of a statistical life vary with age and health status? Evidence from the US and Canada," Journal of Environmental Economics and Management, Elsevier, vol. 48(1), pages 769-792, July.
- Chorus, Caspar G. & Annema, Jan Anne & Mouter, Niek & van Wee, Bert, 2011. "Modeling politicians' preferences for road pricing policies: A regret-based and utilitarian perspective," Transport Policy, Elsevier, vol. 18(6), pages 856-861, November.
- Smith, Richard David, 1996. "Is Regret Theory an alternative basis for estimating the value of healthcare interventions?," Health Policy, Elsevier, vol. 37(2), pages 105-115, August.
- Ferrini, Silvia & Scarpa, Riccardo, 2007. "Designs with a priori information for nonmarket valuation with choice experiments: A Monte Carlo study," Journal of Environmental Economics and Management, Elsevier, vol. 53(3), pages 342-363, May.
- Krupnick, Alan, et al, 2002.
"Age, Health and the Willingness to Pay for Mortality Risk Reductions: A Contingent Valuation Survey of Ontario Residents,"
Journal of Risk and Uncertainty,
Springer, vol. 24(2), pages 161-86, March.
- Krupnick, Alan & Cropper, Maureen & Alberini, Anna & Heintzelman, Martin & Simon, Nathalie & O'Brien, Bernie & Goeree, Ron, 2000. "Age, Health, and the Willingness to Pay for Mortality Risk Reductions: A Contingent Valuation Survey of Ontario Residents," Discussion Papers dp-00-37, Resources For the Future.
- Kenneth Train, 2003.
"Discrete Choice Methods with Simulation,"
Online economics textbooks,
SUNY-Oswego, Department of Economics, number emetr2.
- Caspar G Chorus & Theo A Arentze & Harry J P Timmermans, 2009. "Spatial choice: a matter of utility or regret?," Environment and Planning B: Planning and Design, Pion Ltd, London, vol. 36(3), pages 538-551, May.
- Zhang, Junyi & Timmermans, Harry & Borgers, Aloys & Wang, Donggen, 2004. "Modeling traveler choice behavior using the concepts of relative utility and relative interest," Transportation Research Part B: Methodological, Elsevier, vol. 38(3), pages 215-234, March.
- Swait, Joffre, 2001. "A non-compensatory choice model incorporating attribute cutoffs," Transportation Research Part B: Methodological, Elsevier, vol. 35(10), pages 903-928, November.
- Caussade, Sebastián & Ortúzar, Juan de Dios & Rizzi, Luis I. & Hensher, David A., 2005. "Assessing the influence of design dimensions on stated choice experiment estimates," Transportation Research Part B: Methodological, Elsevier, vol. 39(7), pages 621-640, August.
- Mandy Ryan & Jenny Hughes, 1997. "Using Conjoint Analysis to Assess Women's Preferences for Miscarriage Management," Health Economics, John Wiley & Sons, Ltd., vol. 6(3), pages 261-273.
- Loomes, Graham & Sugden, Robert, 1982. "Regret Theory: An Alternative Theory of Rational Choice under Uncertainty," Economic Journal, Royal Economic Society, vol. 92(368), pages 805-24, December.
- Todd Sarver, 2008. "Anticipating Regret: Why Fewer Options May Be Better," Econometrica, Econometric Society, vol. 76(2), pages 263-305, 03.
- Caspar G. Chorus & Eric J. E. Molin & Bert Van Wee & Theo A. Arentze & Harry J. P. Timmermans, 2006. "Responses to Transit Information among Car-drivers: Regret-based Models and Simulations," Transportation Planning and Technology, Taylor & Francis Journals, vol. 29(4), pages 249-271, March.
- Arentze, Theo & Timmermans, Harry, 2007. "Parametric action decision trees: Incorporating continuous attribute variables into rule-based models of discrete choice," Transportation Research Part B: Methodological, Elsevier, vol. 41(7), pages 772-783, August.
- Mara Thiene & Marco Boeri & Caspar Chorus, 2012. "Random Regret Minimization: Exploration of a New Choice Model for Environmental and Resource Economics," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 51(3), pages 413-429, March.
- Vick, Sandra & Scott, Anthony, 1998. "Agency in health care. Examining patients' preferences for attributes of the doctor-patient relationship," Journal of Health Economics, Elsevier, vol. 17(5), pages 587-605, October.
- Zeelenberg, M., 1999. "The use of crying over spilled milk : A note on the rationality and functionality of regret," Other publications TiSEM 66ac04be-d1ee-4a0e-9e97-7, Tilburg University, School of Economics and Management.
When requesting a correction, please mention this item's handle: RePEc:eee:jhecon:v:32:y:2013:i:1:p:253-260. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If references are entirely missing, you can add them using this form.