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Variations in Risk Attitude across Race, Gender, and Education

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  • Allison B. Rosen
  • Jerry S. Tsai
  • Stephen M. Downs

Abstract

Background. Significant disparities in health care utilization exist across gender and race. Little is known about the patient-specific factors that may contribute to this variation. This study examined variations in risk attitude across major sociodemographic groups.Methods. A survey elicited utility measures for health states under risk-insensitive and risksensitive conditions (time tradeoff and standard gamble methods, respectively). Risk attitude was modeled assuming constant proportional risk posture, thus the utility function used was a power function. A multivariable linear regression model was used to examine the relationship between risk attitude and sociodemographic factors.Results.Of the 62 study subjects, the mean age was 47.6 years, 47% were female, and 33% were African American. Overall, 37% of respondents-were decidedly risk averse, 37% moderately risk averse, 15% moderately risk seeking, and 11% decidedly risk seeking. Significant predictors of increasing risk aversion in multivariate modeling were white race (P

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  • Allison B. Rosen & Jerry S. Tsai & Stephen M. Downs, 2003. "Variations in Risk Attitude across Race, Gender, and Education," Medical Decision Making, , vol. 23(6), pages 511-517, November.
    • Handle: RePEc:sae:medema:v:23:y:2003:i:6:p:511-517
    DOI: 10.1177/0272989X03258431
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    6. Wu, Feng & Guan, Zhengfei, 2008. "Farm Capital Structure Choice under Credit Constraint: Theory and Application," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6130, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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    12. Tak, Hyo Jung & Hougham, Gavin W. & Ruhnke, Atsuko & Ruhnke, Gregory W., 2014. "The effect of in-office waiting time on physician visit frequency among working-age adults," Social Science & Medicine, Elsevier, vol. 118(C), pages 43-51.
    13. Bhat, Chandra R. & Dubey, Subodh K. & Nagel, Kai, 2015. "Introducing non-normality of latent psychological constructs in choice modeling with an application to bicyclist route choice," Transportation Research Part B: Methodological, Elsevier, vol. 78(C), pages 341-363.
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    15. Schosser, Stephan & Trarbach, Judith N. & Vogt, Bodo, 2016. "How does the perception of pain determine the selection between different treatments?," Journal of Economic Behavior & Organization, Elsevier, vol. 131(PB), pages 174-182.
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