title: In Sickness but Not in Wealth: Field Evidence on Patients' Risk Preferences in Financial and Health Domains.
abstract: We present results from a hypothetical framed field experiment assessing whether risk preferences significantly differ across the health and financial domains when they are elicited through the same multiple price list paired-lottery method. We consider a sample of 300 patients attending outpatient clinics in a university hospital in Athens during the Greek financial crisis. Risk preferences in finance were elicited using paired-lottery questions with hypothetical payments. The questions were adapted to the health domain by framing the lotteries as risky treatments in hypothetical health care scenarios. Using maximum likelihood methods, we estimated the degree of risk aversion, allowing for the estimates to be dependent on domain and individual characteristics. The subjects in our sample, who were exposed to both health and financial distress, tended to be less risk averse in the financial domain than in the health domain.
authors: Department of Social Policy, LSE Health and Social Care, and LSE Behavioural Science, London School of Economics, London, UK (MMG)|Hospinnomics, École d'Économie de Paris, Paris, France (MMG, MM)
authors: Matteo M
authors: MM
authors: Galizzi
authors: Department of Social Policy, LSE Health and Social Care, and LSE Behavioural Science, London School of Economics, London, UK (MMG)|Hospinnomics, École d'Économie de Paris, Paris, France (MMG, MM)|Management Group, Imperial College Business School, London, UK (MM)
authors: Marisa
authors: M
authors: Miraldo
authors: School of Health Sciences, and City Health Economics Centre, City University London, London, UK (CS)
authors: Charitini
authors: C
authors: Stavropoulou
mesh_terms: D000328:Adult; D000428:Alcohol Drinking / Q000453:epidemiology; D057172:Economic Recession; D005260:Female; D006115:Greece; D015438:Health Behavior; D006304:Health Status; D006785:Hospitals, University; D006801:Humans; D007182:Income / Q000706:statistics & numerical data*; D016013:Likelihood Functions; D008297:Male; D008875:Middle Aged; D057240:Patient Preference / Q000523:psychology*; D018570:Risk Assessment; D012309:Risk-Taking; D012907:Smoking / Q000453:epidemiology; D012959:Socioeconomic Factors
keywords: behavioral experiments in health; field experiments; risk aversion