Variations in Risk Attitude across Race, Gender, and Education

Allison B. Rosen, Jerry S. Tsai and Stephen M. Downs

Medical Decision Making, 2003, vol. 23, issue 6, 511-517

Abstract: Background. Significant disparities in health care utilization exist across gender and race. Little is known about the patient-specific factors that may contribute to this variation. This study examined variations in risk attitude across major sociodemographic groups.Methods. A survey elicited utility measures for health states under risk-insensitive and risksensitive conditions (time tradeoff and standard gamble methods, respectively). Risk attitude was modeled assuming constant proportional risk posture, thus the utility function used was a power function. A multivariable linear regression model was used to examine the relationship between risk attitude and sociodemographic factors.Results.Of the 62 study subjects, the mean age was 47.6 years, 47% were female, and 33% were African American. Overall, 37% of respondents-were decidedly risk averse, 37% moderately risk averse, 15% moderately risk seeking, and 11% decidedly risk seeking. Significant predictors of increasing risk aversion in multivariate modeling were white race (P

Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:sae:medema:v:23:y:2003:i:6:p:511-517

DOI: 10.1177/0272989X03258431

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