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

Matteo M  Galizzi; Marisa  Miraldo; Charitini Stavropoulou; Marjon Van Der Pol

doi:10.1016/j.jhealeco.2016.10.001

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

Matteo M Galizzi, Marisa Miraldo, Charitini Stavropoulou, Marjon Van Der Pol

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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.

Original language	English
Pages (from-to)	171-182
Number of pages	12
Journal	Health Economics
Volume	50
Early online date	19 Oct 2016
DOIs	https://doi.org/10.1016/j.jhealeco.2016.10.001
Publication status	Published - Dec 2016

Keywords

field experiments
risk aversion
impatience
doctor-patient relationship

Access to Document

10.1016/j.jhealeco.2016.10.001

Accepted Manuscript
© 2016. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/
Accepted author manuscript, 1.82 MBLicence: CC BY-NC-ND

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Marjon van der Pol

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Galizzi, M. M., Miraldo, M., Stavropoulou, C., & Van Der Pol, M. (2016). Doctor-patient differences in risk and time preferences: a field experiment. Health Economics, 50, 171-182. https://doi.org/10.1016/j.jhealeco.2016.10.001

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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 discountfuture outcomes less heavily than patients. We find no evidence that doctors and patients systematically differ in their risk preferences in the healthcare domain.",

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