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Do risk attitudes differ across domains and respondent types?

Lisa A Prosser1, Eve Wittenberg

  • 1Department of Ambulatory Care and Prevention, Harvard Medical School and Harvard Pilgrim Health Care, Boston, Massachusetts 02215, USA. lprosser@hms.harvard.edu

Medical Decision Making : an International Journal of the Society for Medical Decision Making
|June 5, 2007
PubMed
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Individuals exhibit risk aversion for financial decisions but are risk-neutral regarding health outcomes. Risk preferences depend on the choice domain, not the respondent type, whether patients or community members.

Area of Science:

  • Decision science
  • Behavioral economics
  • Health economics

Background:

  • Understanding risk attitude is crucial in health and financial decision-making.
  • Previous research often assumes similar risk preferences across different domains.

Purpose of the Study:

  • To compare risk attitudes between patients and community members across health and financial domains.
  • To determine if risk preferences differ based on respondent type or the nature of the gamble.

Main Methods:

  • A survey assessed risk attitudes using standard gamble questions for health and money outcomes.
  • Two respondent groups were studied: patients with multiple sclerosis (n=56) and community members (n=57).
  • Multivariate regression analysis adjusted for socioeconomic and clinical variables.

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Main Results:

  • Both groups were risk-averse for money gambles, showing lower certainty equivalents than expected values.
  • Neither group displayed significant risk aversion for health gambles.
  • No significant differences in risk attitude were found between patients and community members, even after adjustments.

Conclusions:

  • Risk attitude varies significantly by decision domain (money vs. health), not by respondent type.
  • Patients and community members demonstrate risk neutrality for health and risk aversion for financial outcomes.
  • Financial risk preferences are not a reliable proxy for health-related risk preferences.