Doctor-patient differences in risk and time preferences: a field experiment

Galizzi, M. M., Miraldo, M., Stavropoulou, C. & Van der Pol, M. (2016). Doctor-patient differences in risk and time preferences: a field experiment. Journal of Health Economics, 50, pp. 171-182. doi: 10.1016/j.jhealeco.2016.10.001

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Abstract

We conduct a framed field experiment among patients and doctors to test whether the two groups have similar risk and time preferences. We elicit risk and time preferences using multiple price list tests and their adaptations to the healthcare context. Risk and time preferences are compared in terms of switching points in the tests and the structurally estimated behavioural parameters. We find that doctors and patients significantly differ in their time preferences: doctors discount future outcomes less heavily than patients. We find no evidence that doctors and patients systematically differ in their risk preferences in the healthcare domain.

Item Type: Article
Additional Information: © 2016, Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/
Uncontrolled Keywords: field experiments, risk aversion, impatience, doctor-patient relationship.
Subjects: R Medicine
Divisions: School of Health Sciences
URI: http://openaccess.city.ac.uk/id/eprint/15501

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