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Measuring Multivariate Risk Preferences in the Health Domain

Arthur Attema, Olivier l’Haridon () and Gijs Kuilen
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Olivier l’Haridon: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - CNRS - Centre National de la Recherche Scientifique

Authors registered in the RePEc Author Service: Olivier L'Haridon

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Abstract: We investigate univariate and multivariate risk preferences for health (longevity) and wealth. We measure attitudes toward correlation and attitudes toward higher order dependence structures such as cross-prudence and cross-temperance, making use of the risk apportionment technique proposed by Eeckhoudt et al. (2007). For multivariate gains, we find correlation aversion and cross-prudence in longevity and wealth. For losses, we observe correlation seeking and cross-imprudence. We do not find clear evidence for cross-temperance. Our results indicate that longevity and wealth are considered to be substitutes for gains, but not for losses. Second, univariate (higher order) risk preferences are comparable for longevity and wealth, although somewhat closer to linearity for wealth. Third, we find evidence that attitudes toward dependence structures in the health domain are sign-dependent.

Keywords: multivariate risk attitudes; health; prudence; temperance (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age, nep-hea, nep-rmg and nep-upt
Date: 2019-03
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01970236
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Published in Journal of Health Economics, Elsevier, 2019, 64, pp.15-24. ⟨10.1016/j.jhealeco.2018.12.004⟩

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