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Doctor-patient differences in risk preferences, and theirlinks to decision-making: a field experiment

Galizzi, Matteo M., Miraldo, Marisa and Stavropoulou, Charitini (2013) Doctor-patient differences in risk preferences, and theirlinks to decision-making: a field experiment. Discussion Paper (2013/7). Imperial College London, Business School, London, UK.

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We conduct a field experiment among patients and doctors, with the aim to test i) whether the two groups have similar risk preferences; and ii) whether differences in risk preferences between doctors and patients are associated with the likelihood of patients seeking a second medical opinion. We measure risk preferences using an adaptation of the Holt and Laury (2002) test to the healthcare context (Galizzi et al., 2013). We find no evidence that the two groups of doctors and patients systematically differ in their preferences towards risk. We find, however, robust evidence that differences between doctors’ and patients’ risk preferences associate with patients’ decision to look for a second opinion: the more diverse preferences are, the more likely patients are to seek a second opinion.

Item Type: Monograph (Discussion Paper)
Official URL:
Additional Information: © 2013 The Authors
Divisions: Social Policy
Subjects: H Social Sciences > HV Social pathology. Social and public welfare. Criminology
JEL classification: C - Mathematical and Quantitative Methods > C9 - Design of Experiments > C93 - Field Experiments
D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and Uncertainty
I - Health, Education, and Welfare > I1 - Health
Sets: Departments > Social Policy
Research centres and groups > LSE Health and Social Care
Date Deposited: 19 Feb 2015 12:56
Last Modified: 10 Jan 2021 00:48

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