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

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Title: Doctor-patient differences in risk and time preferences: a field experiment
Authors: Galizzi, M
Miraldo, M
Stravopoulou, C
Van der Pol, M
Item Type: Journal Article
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.
Issue Date: Dec-2016
Date of Acceptance: 7-Oct-2016
URI: http://hdl.handle.net/10044/1/42070
DOI: 10.1016/j.jhealeco.2016.10.001
ISSN: 0167-6296
Publisher: Elsevier
Start Page: 171
End Page: 182
Journal / Book Title: Journal of Health Economics
Volume: 50
Copyright Statement: © 2016 Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/
Keywords: Social Sciences
Science & Technology
Life Sciences & Biomedicine
Economics
Health Care Sciences & Services
Health Policy & Services
Business & Economics
Field experiments
Risk aversion
Impatience
Doctor-patient relationship
Structural estimation
RANDOMIZED CONTROLLED-TRIAL
DECISION-MAKING
INTERTEMPORAL CHOICE
LABORATORY EXPERIMENTS
HEALTH BEHAVIORS
ELICITING RISK
DISCOUNT RATES
FUTURE
ATTITUDES
AVERSION
Doctor–patient relationship
Field experiments
Impatience
Risk aversion
Structural estimation
Adult
Female
Humans
Male
Patient Preference
Physician-Patient Relations
Physicians
Risk
Humans
Risk
Physician-Patient Relations
Adult
Physicians
Female
Male
Patient Preference
Health Policy & Services
1117 Public Health and Health Services
1402 Applied Economics
1403 Econometrics
Publication Status: Published
Online Publication Date: 2016-10-19
Appears in Collections:Imperial College Business School