IDEAS home Printed from https://ideas.repec.org/a/spr/eujhec/v19y2018i6d10.1007_s10198-017-0925-3.html
   My bibliography  Save this article

Predicting medical practices using various risk attitude measures

Author

Listed:
  • Sophie Massin

    (Artois University, UMR 9221, Lille Economie Management (LEM), UFR EGASS)

  • Antoine Nebout

    (ALISS UR1303, INRA, Université Paris-Saclay)

  • Bruno Ventelou

    (Aix-Marseille Univ, CNRS, EHESS, Centrale Marseille, Aix-Marseille School of Economics
    Aix Marseille Univ, INSERM, IRD, SESSTIM, Sciences Economiques & Sociales de la Santé & Traitement de l’Information Médicale
    The Regional Health Observatory of Provence-Alpes-Cote d’Azur (ORS-PACA))

Abstract

This paper investigates the predictive power of several risk attitude measures on a series of medical practices. We elicit risk preferences on a sample of 1500 French general practitioners (GPs) using two different classes of tools: scales, which measure GPs’ own perception of their willingness to take risks between 0 and 10; and lotteries, which require GPs to choose between a safe and a risky option in a series of hypothetical situations. In addition to a daily life risk scale that measures a general risk attitude, risk taking is measured in different domains for each tool: financial matters, GPs’ own health, and patients’ health. We take advantage of the rare opportunity to combine these multiple risk attitude measures with a series of self-reported or administratively recorded medical practices. We successively test the predictive power of our seven risk attitude measures on eleven medical practices affecting the GPs’ own health or their patients’ health. We find that domain-specific measures are far better predictors than the general risk attitude measure. Neither of the two classes of tools (scales or lotteries) seems to perform indisputably better than the other, except when we concentrate on the only non-declarative practice (prescription of biological tests), for which the classic money-lottery test works well. From a public health perspective, appropriate measures of willingness to take risks may be used to make a quick, but efficient, profiling of GPs and target them with personalized communications, or interventions, aimed at improving practices.

Suggested Citation

  • Sophie Massin & Antoine Nebout & Bruno Ventelou, 2018. "Predicting medical practices using various risk attitude measures," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 19(6), pages 843-860, July.
  • Handle: RePEc:spr:eujhec:v:19:y:2018:i:6:d:10.1007_s10198-017-0925-3
    DOI: 10.1007/s10198-017-0925-3
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10198-017-0925-3
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.

    File URL: https://libkey.io/10.1007/s10198-017-0925-3?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Catherine C. Eckel & Philip J. Grossman, 2002. "Sex Differences and Statistical Stereotyping in Attitudes Toward Financial Risk," Monash Economics Working Papers archive-03, Monash University, Department of Economics.
    2. Eeckhoudt, L. & Lebrun, T. & Sailly, J. C., 1985. "Risk-aversion and physicians' medical decision-making," Journal of Health Economics, Elsevier, vol. 4(3), pages 273-281, September.
    3. Thomas Dohmen & Armin Falk & David Huffman & Uwe Sunde & Jürgen Schupp & Gert G. Wagner, 2011. "Individual Risk Attitudes: Measurement, Determinants, And Behavioral Consequences," Journal of the European Economic Association, European Economic Association, vol. 9(3), pages 522-550, June.
    4. Beattie, Jane & Loomes, Graham, 1997. "The Impact of Incentives upon Risky Choice Experiments," Journal of Risk and Uncertainty, Springer, vol. 14(2), pages 155-168, March.
    5. Lönnqvist, Jan-Erik & Verkasalo, Markku & Walkowitz, Gari & Wichardt, Philipp C., 2015. "Measuring individual risk attitudes in the lab: Task or ask? An empirical comparison," Journal of Economic Behavior & Organization, Elsevier, vol. 119(C), pages 254-266.
    6. Dourgnon, Paul & Naiditch, Michel, 2010. "The preferred doctor scheme: A political reading of a French experiment of Gate-keeping," Health Policy, Elsevier, vol. 94(2), pages 129-134, February.
    7. Daniel Hellerstein & Nathaniel Higgins & John Horowitz, 2013. "The predictive power of risk preference measures for farming decisions -super-†," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 40(5), pages 807-833, December.
    8. van der Pol, Marjon & Ruggeri, Matteo, 2008. "Is risk attitude outcome specific within the health domain?," Journal of Health Economics, Elsevier, vol. 27(3), pages 706-717, May.
    9. Audrey Michel-Lepage & Bruno Ventelou, 2016. "The true impact of the French pay-for-performance program on physicians’ benzodiazepines prescription behavior," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 17(6), pages 723-732, July.
    10. Anderson, Lisa R. & Mellor, Jennifer M., 2008. "Predicting health behaviors with an experimental measure of risk preference," Journal of Health Economics, Elsevier, vol. 27(5), pages 1260-1274, September.
    11. Camerer, Colin F & Hogarth, Robin M, 1999. "The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 7-42, December.
    12. Nicholas Bardsley & Robin Cubitt & Graham Loomes & Peter Moffatt & Chris Starmer & Robert Sugden, 2009. "Experimental Economics: Rethinking the Rules," Economics Books, Princeton University Press, edition 1, number 9074.
    13. Attema, Arthur E. & Brouwer, Werner B.F. & l’Haridon, Olivier, 2013. "Prospect theory in the health domain: A quantitative assessment," Journal of Health Economics, Elsevier, vol. 32(6), pages 1057-1065.
    14. Arthur E. Attema & Werner B.F. Brouwer & Olivier l'Haridon, 2013. "A quantification of prospect theory in the health domain," Economics Working Paper Archive (University of Rennes & University of Caen) 201321, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
    15. Mohammed Abdellaoui & Han Bleichrodt & Olivier L’Haridon, 2008. "A tractable method to measure utility and loss aversion under prospect theory," Journal of Risk and Uncertainty, Springer, vol. 36(3), pages 245-266, June.
    16. John D. Hey & Chris Orme, 2018. "Investigating Generalizations Of Expected Utility Theory Using Experimental Data," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 3, pages 63-98, World Scientific Publishing Co. Pte. Ltd..
    17. Coppola, Michela, 2014. "Eliciting risk-preferences in socio-economic surveys: How do different measures perform?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 48(C), pages 1-10.
    18. Robert B. Barsky & F. Thomas Juster & Miles S. Kimball & Matthew D. Shapiro, 1997. "Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(2), pages 537-579.
    19. Kapteyn, Arie & Teppa, Federica, 2011. "Subjective measures of risk aversion, fixed costs, and portfolio choice," Journal of Economic Psychology, Elsevier, vol. 32(4), pages 564-580, August.
    20. Corallo, Ashley N. & Croxford, Ruth & Goodman, David C. & Bryan, Elisabeth L. & Srivastava, Divya & Stukel, Therese A., 2014. "A systematic review of medical practice variation in OECD countries," Health Policy, Elsevier, vol. 114(1), pages 5-14.
    21. Binswanger, Hans P, 1981. "Attitudes toward Risk: Theoretical Implications of an Experiment in Rural India," Economic Journal, Royal Economic Society, vol. 91(364), pages 867-890, December.
    22. Gabriel Picone & Frank Sloan & Donald Taylor, 2004. "Effects of Risk and Time Preference and Expected Longevity on Demand for Medical Tests," Journal of Risk and Uncertainty, Springer, vol. 28(1), pages 39-53, January.
    23. David R. Holtgrave & Frank Lawler & Stephen J. Spann, 1991. "Physicians' Risk Attitudes, Laboratory Usage, and Referral Decisions," Medical Decision Making, , vol. 11(2), pages 125-130, June.
    24. Epstein, A.M. & Begg, C.B. & McNeil, B.J., 1984. "The effects of physicians' training and personality on test ordering for ambulatory patients," American Journal of Public Health, American Public Health Association, vol. 74(11), pages 1271-1273.
    25. Sophie Massin & Bruno Ventelou & Antoine Nebout-Javal & Pierre Verger & Céline Pulcini, 2015. "Cross-sectional survey: Risk-averse French general practitioners are more favorable toward influenza vaccination," Post-Print hal-01241634, HAL.
    26. Charles A. Holt & Susan K. Laury, 2002. "Risk Aversion and Incentive Effects," American Economic Review, American Economic Association, vol. 92(5), pages 1644-1655, December.
    27. Sophie Béjean & Christine Peyron & Renaud Urbinelli, 2007. "Variations in activity and practice patterns: a French study for GPs," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 8(3), pages 225-236, September.
    28. Khwaja, Ahmed & Silverman, Dan & Sloan, Frank, 2007. "Time preference, time discounting, and smoking decisions," Journal of Health Economics, Elsevier, vol. 26(5), pages 927-949, September.
    29. Lisa A. Prosser & Eve Wittenberg, 2007. "Do Risk Attitudes Differ across Domains and Respondent Types?," Medical Decision Making, , vol. 27(3), pages 281-287, May.
    30. repec:dau:papers:123456789/12227 is not listed on IDEAS
    31. Jeroan J. Allison & Catarina I. Kiefe & E. Francis Cook & Martha S. Gerrity & E. John Orav & Robert Centor, 1998. "The Association of Physician Attitudes about Uncertainty and Risk Taking with Resource Use in a Medicare HMO," Medical Decision Making, , vol. 18(3), pages 320-329, August.
    32. Charness, Gary & Gneezy, Uri & Imas, Alex, 2013. "Experimental methods: Eliciting risk preferences," Journal of Economic Behavior & Organization, Elsevier, vol. 87(C), pages 43-51.
    33. Daniel Read, 2005. "Monetary incentives, what are they good for?," Journal of Economic Methodology, Taylor & Francis Journals, vol. 12(2), pages 265-276.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Yu Gao & Zhenxing Huang & Ning Liu & Jia Yang, 2024. "Are physicians rational under ambiguity?," Journal of Risk and Uncertainty, Springer, vol. 68(2), pages 183-203, April.
    2. Christian König-Kersting & Johannes Lohse & Anna Louisa Merkel, 2020. "Active and Passive Risk-Taking," Working Papers 2020-04, Faculty of Economics and Statistics, Universität Innsbruck.
    3. Emmanuel Kemel & Antoine Nebout & Bruno Ventelou, 2021. "To test or not to test? Risk attitudes and prescribing by French GPs," Working Papers hal-03330153, HAL.
    4. Antoine Nebout & Marie Cavillon & Bruno Ventelou, 2018. "Comparing GPs’ risk attitudes for their own health and for their patients’ : a troubling discrepancy?," Post-Print hal-02084925, HAL.
    5. Murong Yang & Laurence S. J. Roope & James Buchanan & Arthur E. Attema & Philip M. Clarke & A. Sarah Walker & Sarah Wordsworth, 2022. "Eliciting risk preferences that predict risky health behavior: A comparison of two approaches," Health Economics, John Wiley & Sons, Ltd., vol. 31(5), pages 836-858, May.
    6. Jean-Baptiste Simon Combes & Alain Paraponaris & Yann Videau, 2019. "French GPs’ willingness to delegate tasks: may financial incentives balance risk aversion?," Erudite Working Paper 2019-09, Erudite.
    7. Johanna I. Lutter & Boglárka Szentes & Margarethe E. Wacker & Joachim Winter & Sebastian Wichert & Annette Peters & Rolf Holle & Reiner Leidl, 2019. "Are health risk attitude and general risk attitude associated with healthcare utilization, costs and working ability? Results from the German KORA FF4 cohort study," Health Economics Review, Springer, vol. 9(1), pages 1-11, December.
    8. Méndez, Susan J. & Scott, Anthony & Zhang, Yuting, 2021. "Gender differences in physician decisions to adopt new prescription drugs," Social Science & Medicine, Elsevier, vol. 277(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Murong Yang & Laurence S. J. Roope & James Buchanan & Arthur E. Attema & Philip M. Clarke & A. Sarah Walker & Sarah Wordsworth, 2022. "Eliciting risk preferences that predict risky health behavior: A comparison of two approaches," Health Economics, John Wiley & Sons, Ltd., vol. 31(5), pages 836-858, May.
    2. 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.
    3. Menkhoff, Lukas & Sakha, Sahra, 2017. "Estimating risky behavior with multiple-item risk measures," Journal of Economic Psychology, Elsevier, vol. 59(C), pages 59-86.
    4. Petrolia, Daniel R., 2016. "Risk preferences, risk perceptions, and risky food," Food Policy, Elsevier, vol. 64(C), pages 37-48.
    5. 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.
    6. Holzmeister, Felix & Stefan, Matthias, 2019. "The Risk Elicitation Puzzle Revisited: Across-Methods (In)consistency?," OSF Preprints pj9u2, Center for Open Science.
    7. Felix Holzmeister & Matthias Stefan, 2019. "The risk elicitation puzzle revisited: Across-methods (in)consistency?," Working Papers 2019-19, Faculty of Economics and Statistics, Universität Innsbruck.
    8. Andreas Hackethal & Michael Kirchler & Christine Laudenbach & Michael Razen & Annika Weber, 2023. "On the role of monetary incentives in risk preference elicitation experiments," Journal of Risk and Uncertainty, Springer, vol. 66(2), pages 189-213, April.
    9. Galizzi, Matteo M. & Machado, Sara R. & Miniaci, Raffaele, 2016. "Temporal stability, cross-validity, and external validity of risk preferences measures: experimental evidence from a UK representative sample," LSE Research Online Documents on Economics 67554, London School of Economics and Political Science, LSE Library.
    10. Felix Holzmeister & Matthias Stefan, 2021. "The risk elicitation puzzle revisited: Across-methods (in)consistency?," Experimental Economics, Springer;Economic Science Association, vol. 24(2), pages 593-616, June.
    11. Miraldo, M & Galizzi, M & Stavropoulou, C, 2013. "Doctor-patient differences in risk preferences, and their links to decision-making: a field experiment," Working Papers 12578, Imperial College, London, Imperial College Business School.
    12. Ranganathan, Kavitha & Lejarraga, Tomás, 2021. "Elicitation of risk preferences through satisficing," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
    13. Mark J. Browne & Verena Jäger & Andreas Richter & Petra Steinorth, 2022. "Family changes and the willingness to take risks," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 89(1), pages 187-209, March.
    14. Paolo Crosetto & Antonio Filippin, 2016. "A theoretical and experimental appraisal of four risk elicitation methods," Experimental Economics, Springer;Economic Science Association, vol. 19(3), pages 613-641, September.
    15. Mary Riddel & David Hales, 2018. "Predicting Cancer‐Prevention Behavior: Disentangling the Effects of Risk Aversion and Risk Perceptions," Risk Analysis, John Wiley & Sons, vol. 38(10), pages 2161-2177, October.
    16. Andrea Hackethal & Michael Kirchler & Christine Laudenbach & Michael Razen & Annika Weber, 2020. "On the role of monetary incentives in risk preference elicitation experiments," Working Papers 2020-29, Faculty of Economics and Statistics, Universität Innsbruck.
    17. Emmanuel Kemel & Antoine Nebout & Bruno Ventelou, 2021. "To test or not to test? Risk attitudes and prescribing by French GPs," Working Papers hal-03330153, HAL.
    18. Castro, M.F.; & Guccio, C.; & Romeo, D.;, 2022. "An assessment of physicians’ risk attitudes using laboratory and field data," Health, Econometrics and Data Group (HEDG) Working Papers 22/26, HEDG, c/o Department of Economics, University of York.
    19. Goldzahl, Léontine, 2017. "Contributions of risk preference, time orientation and perceptions to breast cancer screening regularity," Social Science & Medicine, Elsevier, vol. 185(C), pages 147-157.
    20. Fossen, Frank M. & Glocker, Daniela, 2017. "Stated and revealed heterogeneous risk preferences in educational choice," European Economic Review, Elsevier, vol. 97(C), pages 1-25.

    More about this item

    Keywords

    Medical practices; Risk attitude; Lottery choice; Scale; Domain specificity;
    All these keywords.

    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • I10 - Health, Education, and Welfare - - Health - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:eujhec:v:19:y:2018:i:6:d:10.1007_s10198-017-0925-3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.