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Doctor–patient differences in risk and time preferences: A field experiment

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  • Galizzi, Matteo M.
  • Miraldo, Marisa
  • Stavropoulou, Charitini
  • van der Pol, Marjon

Abstract

We conduct a framed field experiment among patients and doctors to test whether the two groups have similar risk and time preferences. We elicit risk and time preferences using multiple price list tests and their adaptations to the healthcare context. Risk and time preferences are compared in terms of switching points in the tests and the structurally estimated behavioural parameters. We find that doctors and patients significantly differ in their time preferences: doctors discount future outcomes less heavily than patients. We find no evidence that doctors and patients systematically differ in their risk preferences in the healthcare domain.

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  • 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.
  • Handle: RePEc:eee:jhecon:v:50:y:2016:i:c:p:171-182
    DOI: 10.1016/j.jhealeco.2016.10.001
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    1. Stefan A. Lipman & Arthur E. Attema, 2019. "Rabin's paradox for health outcomes," Health Economics, John Wiley & Sons, Ltd., vol. 28(8), pages 1064-1071, August.
    2. Alejandro Arrieta & Ariadna García‐Prado & Paula González & José Luis Pinto‐Prades, 2017. "Risk attitudes in medical decisions for others: An experimental approach," Health Economics, John Wiley & Sons, Ltd., vol. 26(S3), pages 97-113, December.
    3. Kirsten I. M. Rohde, 2019. "Measuring Decreasing and Increasing Impatience," Management Science, INFORMS, vol. 65(4), pages 1700-1716, April.
    4. Irvine, Alastair & van der Pol, Marjon & Phimister, Euan, 2019. "A comparison of professional and private time preferences of General Practitioners," Social Science & Medicine, Elsevier, vol. 222(C), pages 256-264.
    5. van der Pol, Marjon & Scott, Anthony & Irvine, Alastair, 2019. "The migration of UK trained GPs to Australia: Does risk attitude matter?," Health Policy, Elsevier, vol. 123(11), pages 1093-1099.

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    Keywords

    Field experiments; Risk aversion; Impatience; Doctor–patient relationship; Structural estimation;
    All these keywords.

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • I1 - Health, Education, and Welfare - - Health
    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments

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