Difference in time and risk preferences: physicians and general population across genders

Shingo Kasahara (), Hirotaka Kato and Rei Goto
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Shingo Kasahara: Graduate School of Business Administration, Keio University
Hirotaka Kato: School of Economics and Business Administration, Yokohama City University
Rei Goto: Graduate School of Business Administration, Keio University

Health Economics Review, 2025, vol. 15, issue 1, 1-10

Abstract: Abstract Background The alignment of preferences between physicians and patients can cause variations in treatment decision-making, thereby affecting health outcomes. However, research on the differences in preferences between physicians and the general population is scarce. This study examines the risk and time preferences of physicians compared with those of the general population, exploring the influence of gender concordance on health outcomes and decision-making in healthcare. Methods We conducted an online field experiment in October and November 2022 in Japan and analyzed the responses of 469 individuals, including physicians and the general population. The survey was stratified by age and gender to align with the demographics of physicians nationally. Participants’ preferences were measured across the health and monetary domains by using a modified multiple price list test format. Results The findings revealed that physicians tended to be more risk-averse than the general population in the health and monetary domains, although no statistically significant differences were observed. Physicians were found to be statistically significantly future-oriented, particularly regarding their significant health or monetary gains. Furthermore, while the female general population was more risk-averse in both domains, a gender difference in the physician group was observed only in the monetary domain. Conclusion The results affirm that preference differences between physicians and the general population exist in Japan and clarify the unique preference traits of female physicians.

Keywords: Patient–physician concordance; Risk attitude; Risk aversion; Time preferences; Lottery choice; Behavioral experiments (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1186/s13561-025-00653-4

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