Decomposing social risk preferences for health and wealth

Arthur Attema, Olivier L'Haridon and Gijs van de Kuilen
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Gijs van de Kuilen: Tilburg University [Netherlands]

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Abstract: This study reports the results of the first artefactual field experiment designed to measure the prevalence of aversion toward different components of social risks in a large and demographically representative sample. We identify social risk preferences for health and wealth for losses and gains, and decompose these attitudes into four different dimensions: individual risk, collective risk, ex-post inequality, and ex-ante inequality. The results of a non-parametric analysis suggest that aversion to risk and inequality is the mean preference for outcomes in health and wealth in the domain of gains and losses. A parametric decomposition of aversion to risk and inequality shows that respondents are averse to ex-post and ex-ante inequality in health and wealth for gains and losses. Likewise, respondents are averse to collective risk, but neutral to individual risk, which highlights the importance of considering different components of social risk preferences when managing social health and wealth risks.

Keywords: Inequality; Risk aversion; Social risk (search for similar items in EconPapers)
Date: 2023
New Economics Papers: this item is included in nep-exp, nep-hea and nep-upt
Note: View the original document on HAL open archive server: https://hal.science/hal-04116983v1
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Published in Journal of Health Economics, 2023, 90, pp.102757. ⟨10.1016/j.jhealeco.2023.102757⟩

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Journal Article: Decomposing social risk preferences for health and wealth (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04116983

DOI: 10.1016/j.jhealeco.2023.102757

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