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Difference in time and risk preferences: physicians and general population across genders
Shingo Kasahara1, Hirotaka Kato2, Rei Goto3
1Graduate School of Business Administration, Keio University, 4-1-1 Hiyoshi, Yokohama, Kanagawa, 223-8521, Japan. shingo.kasahara@keio.jp.
Health Economics Review
|July 5, 2025
Summary
Physicians in Japan exhibit distinct risk and time preferences compared to the general population, with female physicians showing unique traits. These differences impact healthcare decision-making and outcomes.
Area of Science:
- Health Economics
- Behavioral Economics
- Medical Decision-Making
Background:
- Patient-physician preference alignment is crucial for treatment decisions and health outcomes.
- Limited research exists on physician preferences versus the general population.
- Understanding these differences is key to improving healthcare delivery.
Purpose of the Study:
- To compare the risk and time preferences of physicians and the general population in Japan.
- To explore how gender influences these preferences within both groups.
- To investigate the impact of preference differences on healthcare decision-making.
Main Methods:
- An online field experiment was conducted in Japan (October-November 2022).
- 469 participants (physicians and general population) were surveyed.
- Preferences were measured in health and monetary domains using a modified multiple price list format, stratified by age and gender.
Main Results:
- Physicians showed a tendency towards greater risk aversion in health and monetary domains, though not statistically significant.
- Physicians were significantly more future-oriented, especially concerning health or monetary gains.
- The general female population was more risk-averse; gender differences in physicians were only significant in the monetary domain.
Conclusions:
- Preference disparities between Japanese physicians and the general population are confirmed.
- Unique preference characteristics of female physicians were identified.
- These findings highlight the importance of considering physician-specific preferences in healthcare research and practice.
Keywords:
Behavioral experimentsLottery choicePatient–physician concordanceRisk attitudeRisk aversionTime preferencesMore Related Videos
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