Risk aversion in medical decision making: a survey

Liliana Chicaíza, Mario García and Giancarlo Romano

Lecturas de Economía, 2011, issue 75, 163-185

Abstract: This article surveys the literature on risk aversion in medical decision making. The search covered Econlit, Jstor Science Direct and Springer Link since 1985. The results are classified in three topics: Risk aversion in the frameworks of Expected Utility and Rank Dependent Expected Utility theories, and the methodologies for measuring risk aversion and its applications to clinical situations from the points of view of economics and psychology. It was found that, despite conceptual and methodological progress in the measurement of risk aversion, experimental progress has been limited mainly to psychological approaches.

Keywords: Health economics; decision; risk aversion; subjective expected utility; rank dependent expected utility (search for similar items in EconPapers)
JEL-codes: D01 D03 D81 I12 I19 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:lde:journl:y:2011:i:75:p:163-185

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