Measuring multivariate risk preferences in the health domain

Attema, Arthur E.; l’Haridon, Olivier; Kuilen, Gijs van de

doi:10.1016/j.jhealeco.2018.12.004

Cited by 32 publications

(24 citation statements)

References 59 publications

(89 reference statements)

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“…With such a reference point, the worst outcome between two lotteries is perceived as a loss. This is always an outcome of the option which indicates the risk loving preferences, imprudence or intemperance, decreasing their relative attractiveness.3 Using hypothetical choices,Attema et al (2017) find risk aversion and prudence for gains and risk neutrality and prudence neutrality for losses.…”

mentioning

confidence: 99%

Reflection for Higher Order Risk Preferences

Bleichrodt

Bruggen

2018

SSRN Journal

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Higher order risk preferences are important determinants of economic behaviour. We apply behavioural insights to this topic: we measure higher order risk preferences for pure gains and pure losses by controlling the reference point. We find a reflection effect not only for second order risk preferences, as in Kahneman and Tversky (1979), but also for higher order risk preferences: we find risk aversion, prudence and intemperance for gains, but risk loving preferences, imprudence and temperance for losses. The risk aversion and intemperance for gains and the imprudence for losses is evidence against a preference for combining good with bad or good with good, which previous theoretical and empirical results suggest may underlie higher order risk preferences.

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confidence: 99%

Reflection for Higher Order Risk Preferences

Bleichrodt

Bruggen

2018

SSRN Journal

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“…2 We will distinguish the individual's risk attitude over health, which can be averse, neutral or loving depending on the sign of 𝑢 𝐻𝐻 , and her attitude over correlation between consumption and health, which can also be averse, neutral or loving, depending on the sign of 𝑢 𝐶𝐻 . Recent empirical evidence on these preference traits is mixed (see, e.g., Attema et al, 2019). The following result characterizes the vaccination decision, see Appendix A for a proof.…”

Section: The Vaccination Decisionmentioning

confidence: 99%

On the Effect of Uncertainty on Personal Vaccination Decisions

Courbage

Peter

2021

SSRN Journal

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This paper investigates the effect of ambiguity on personal vaccination decisions. We first characterize the vaccination decision in the absence of ambiguity. We then show that uncertainty about the probability of side effects and the efficacy of the vaccine always reduces take-up under ambiguity aversion. However, uncertainty about the underlying disease, being the probability of sickness or the probability of a severe course of disease, may either encourage or discourage vaccination. Our results are relevant for policy because reducing uncertainty associated with the vaccine always has the desired effect whereas reducing uncertainty associated with the disease may have unintended consequences.

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“…To our knowledge, there is no empirical support and/or theoretical justification for one particular assumption. Nevertheless, Attema, L'haridon, and van de Kuilen (2019) recently find empirical evidence of correlation aversion for gains in health and wealth. Following their work, our results would not change significantly.…”

Section: The Classical Utilitarian Welfare Analysismentioning

confidence: 99%

Reproductive health, fairness, and optimal policies

Etner

Raffin

Seegmuller

2020

J Public Economic Theory

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We consider an overlapping generations economy in which agents differ through their ability to procreate. Ex‐ante infertile households may incur health expenditure to increase their chances of parenthood. This health heterogeneity generates welfare inequalities that deserve to be ruled out. We explore three different criteria of social evaluation in the long‐run: the utilitarian approach, the ex‐ante egalitarian criterion and the ex‐post egalitarian one. We propose a set of economic instruments to decentralize each solution. To correct for the externalities and health inequalities, both a preventive (a taxation of capital) and a redistributive policy are required. We show that a more egalitarian allocation is associated with higher productive investment but reduced health expenditure and thus, lower population growth.

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Measuring multivariate risk preferences in the health domain

Cited by 32 publications

References 59 publications

Reflection for Higher Order Risk Preferences

Reflection for Higher Order Risk Preferences

On the Effect of Uncertainty on Personal Vaccination Decisions

Reproductive health, fairness, and optimal policies

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