Prudence and Medical Decision Making

Stefan Felder () and Thomas Mayrhofer ()
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Stefan Felder: University of Basel
Thomas Mayrhofer: Stralsund University of Applied Sciences

Chapter Chapter 6 in Medical Decision Making, 2022, pp 127-145 from Springer

Abstract: Abstract We introduce the role of uncontrollable risk for the physician’s decisions. The risk of comorbidity can be regarded as uncontrollable because it applies to the sick state only and is assumed to be exogenous. Unlike the diagnostic risk, it cannot be affected by the treatment decision. With this kind of risk underlying the test and treatment decisions, the notion of prudence becomes relevant. We demonstrate that prudent decision makers act even earlier than risk-averse ones.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-662-64654-0_6

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DOI: 10.1007/978-3-662-64654-0_6

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