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Risk aversion in medical decision making: a survey

Author

Listed:
  • Liliana Chicaíza
  • Mario García
  • Giancarlo Romano

Abstract

This article surveys the literature on risk aversion in medical decision making. The search covered Econlit, Jstor Science Direct and Springer Link since 1985. The results are classified in three topics: Risk aversion in the frameworks of Expected Utility and Rank Dependent Expected Utility theories, and the methodologies for measuring risk aversion and its applications to clinical situations from the points of view of economics and psychology. It was found that, despite conceptual and methodological progress in the measurement of risk aversion, experimental progress has been limited mainly to psychological approaches.

Suggested Citation

  • Liliana Chicaíza & Mario García & Giancarlo Romano, 2011. "Risk aversion in medical decision making: a survey," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 75, pages 163-185.
    • Handle: RePEc:lde:journl:y:2011:i:75:p:163-185
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    File URL: https://revistas.udea.edu.co/index.php/lecturasdeeconomia/issue/view/1117
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    More about this item

    Keywords

    Health economics; decision; risk aversion; subjective expected utility; rank dependent expected utility;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • I19 - Health, Education, and Welfare - - Health - - - Other

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