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Risk attitudes and personality traits predict perceptions of benefits and risks for medicinal products: a field study of European medical assessors

Author

Listed:
  • Beyer, Andrea R.
  • Fasolo, Barbara
  • de Graeff, P.A.
  • Hillege, H.L.

Abstract

Background: Risk attitudes and personality traits are known predictors of decision making among laypersons, but very little is known of their influence among experts participating in organizational decision making. Methods: Seventy-five European medical assessors were assessed in a field study using the Domain Specific Risk Taking scale and the Big Five Inventory scale. Assessors rated the risks and benefits for a mock “clinical dossier” specific to their area of expertise, and ordinal regression models were used to assess the odds of risk attitude or personality traits in predicting either the benefit or the risk ratings. Results: An increase in the “conscientiousness” score predicted an increase in the perception of the drug’s benefit, and male assessors gave higher scores for the drug’s benefit ratings than did female assessors. Extraverted assessors saw fewer risks, and assessors with a perceived neutral-averse or averse risk profile saw greater risks. Conclusions: Medical assessors perceive the benefits and risks of medicines via a complex interplay of the medical situation, their personality traits and even their gender. Further research in this area is needed to determine how these potential biases are managed within the regulatory setting.

Suggested Citation

  • Beyer, Andrea R. & Fasolo, Barbara & de Graeff, P.A. & Hillege, H.L., 2015. "Risk attitudes and personality traits predict perceptions of benefits and risks for medicinal products: a field study of European medical assessors," LSE Research Online Documents on Economics 61210, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:61210
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    File URL: http://eprints.lse.ac.uk/61210/
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    References listed on IDEAS

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    1. Vogel, David, 2001. "The new politics of risk regulation in Europe," LSE Research Online Documents on Economics 35984, London School of Economics and Political Science, LSE Library.
    2. Elke U. Weber & Richard A. Milliman, 1997. "Perceived Risk Attitudes: Relating Risk Perception to Risky Choice," Management Science, INFORMS, vol. 43(2), pages 123-144, February.
    3. Andrea R. Beyer & Barbara Fasolo & Lawrence D. Phillips & Pieter A. de Graeff & Hans L. Hillege, 2013. "Risk Perception of Prescription Drugs," Medical Decision Making, , vol. 33(4), pages 579-592, May.
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    Cited by:

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    2. Kuhnt, Jana, 2019. "Literature review: drivers of migration. Why do people leave their homes? Is there an easy answer? A structured overview of migratory determinants," IDOS Discussion Papers 9/2019, German Institute of Development and Sustainability (IDOS).

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    More about this item

    Keywords

    benefit-risk; heuristics; individual characteristics; risk attitude; risk perception;
    All these keywords.

    JEL classification:

    • J50 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - General

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