An assessment of physicians’ risk attitudes using laboratory and field data

Castro, M.F.;, Calogero Guccio () and Romeo, D.;

Health, Econometrics and Data Group (HEDG) Working Papers from HEDG, c/o Department of Economics, University of York

Abstract: By employing a large sample of both laboratory and field data, we investigate whether attitudes towards risk significantly vary between physicians, medical students and non-medical students. Also, we look for differences in risk propensity between laboratory and artefactual field experimental sessions and control for individuals’ characteristics that may affect risk attitude. Results show significant variation in risk attitude, regardless of the estimation technique employed (linear regression, interval regression and maximum likelihood estimation), suggesting constant relative risk aversion (CRRA) as a supported representation of risk preferences. Finally, data consistently show that physicians are more risk-seeking in the monetary domain than other subject groups.

Keywords: risk aversion; field experiments; laboratory experiment; physicians’ behaviour (search for similar items in EconPapers)
JEL-codes: C81 C93 D81 I1 (search for similar items in EconPapers)
Date: 2022-09
New Economics Papers: this item is included in nep-cbe, nep-exp, nep-rmg and nep-upt
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:yor:hectdg:22/26

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