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Related Experiment Videos

Risk preference and laboratory use.

S D Nightingale

    Medical Decision Making : an International Journal of the Society for Medical Decision Making
    |July 1, 1987
    PubMed
    Summary
    This summary is machine-generated.

    Physicians preferring certain loss over risky gambles ordered fewer medical tests. This risk aversion in decision-making significantly impacts physician test-ordering behavior and healthcare costs.

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    Area of Science:

    • Medical Decision Making
    • Health Economics
    • Physician Behavior

    Background:

    • Physicians' risk preferences can influence healthcare resource utilization.
    • Understanding these preferences is crucial for optimizing patient care and managing costs.

    Purpose of the Study:

    • To investigate the relationship between physicians' risk preferences in hypothetical scenarios and their actual test-ordering behavior.
    • To determine if risk aversion correlates with reduced laboratory test utilization.

    Main Methods:

    • 137 physicians evaluated hypothetical life-expectancy choices involving certain loss versus a gamble.
    • Test-ordering data from a general medicine clinic and patient management problem scores were analyzed.
    • Risk preference was assessed using sequential choices and correlated with laboratory test costs and frequency.

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    Main Results:

    • Physicians choosing certain loss ordered 23% fewer laboratory tests than those choosing a gamble (p < 0.05).
    • Greater preference for gambles correlated with increased laboratory use (p < 0.002).
    • Test costs were 23% lower for physicians preferring certain loss (p < 0.001).

    Conclusions:

    • Physician risk preference, particularly in the face of potential loss, significantly influences test-ordering behavior.
    • Risk aversion is associated with reduced laboratory test utilization and lower associated costs.
    • Cognitive processes underlying risk preference in loss scenarios have a substantial impact on clinical practice.