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The role of regret minimisation in lifestyle choices affecting the risk of coronary heart disease

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  • Boeri, Marco
  • Longo, Alberto
  • Grisolía, José M.
  • Hutchinson, W. George
  • Kee, Frank

Abstract

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.

Suggested Citation

  • Boeri, Marco & Longo, Alberto & Grisolía, José M. & Hutchinson, W. George & Kee, Frank, 2013. "The role of regret minimisation in lifestyle choices affecting the risk of coronary heart disease," Journal of Health Economics, Elsevier, vol. 32(1), pages 253-260.
  • Handle: RePEc:eee:jhecon:v:32:y:2013:i:1:p:253-260
    DOI: 10.1016/j.jhealeco.2012.10.007
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. van Cranenburgh, Sander & Prato, Carlo G., 2016. "On the robustness of random regret minimization modelling outcomes towards omitted attributes," Journal of choice modelling, Elsevier, vol. 18(C), pages 51-70.
    2. Mark Harrison & Dan Rigby & Caroline Vass & Terry Flynn & Jordan Louviere & Katherine Payne, 2014. "Risk as an Attribute in Discrete Choice Experiments: A Systematic Review of the Literature," The Patient: Patient-Centered Outcomes Research, Springer;Johns Hopkins Bloomberg School of Public Health, vol. 7(2), pages 151-170, June.
    3. repec:eee:eneeco:v:63:y:2017:i:c:p:253-260 is not listed on IDEAS
    4. Chorus, Caspar G., 2014. "A Generalized Random Regret Minimization model," Transportation Research Part B: Methodological, Elsevier, vol. 68(C), pages 224-238.
    5. van Cranenburgh, Sander & Guevara, Cristian Angelo & Chorus, Caspar G., 2015. "New insights on random regret minimization models," Transportation Research Part A: Policy and Practice, Elsevier, vol. 74(C), pages 91-109.
    6. Chorus, Caspar & van Cranenburgh, Sander & Dekker, Thijs, 2014. "Random regret minimization for consumer choice modeling: Assessment of empirical evidence," Journal of Business Research, Elsevier, vol. 67(11), pages 2428-2436.

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