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Cn2: Effect Of Including (versus Excluding) Fates Worse Than Death On Utility Measurement by Dm Franic; Ds Pathak is a Economics, Econometrics and Finance article available to read on EtoBox.

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BACKGROUND: Decision analytic models typically compare strategies using expected values, which assumes risk neutrality in all situations for all individuals. OB-JECTIVE: Examine how risk attitude is affected by the magnitude of the risk involved, and by the sociodemographic characteristics of the patient. METHODS: A set of 5 related standard gambles was created. In all of them the patient has an asymptomatic disease that will cause painless death in 5 years. The only treatment is a pill that only works if taken immediately. If successful, the patient will live for 15 years. The 5 scenarios correspond to 0-4 years until death in the event of treatment failure. The probability of failure was varied to establish the breakeven point. The expected break-even point was calculated based on expected values. Risk attitude was measured using the Risk Attitude Ratio (RAR), the ratio of the individual's break-even point to the expected break-even point. RAR ϭ 1 indicates perfect risk neutrality, with lower values indicating risk adversity. Regression models for each scenario were constructed for RAR, with regressors based on age, race, sex, education, income and marital status. Additionally, a

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Author

Dm Franic; Ds Pathak

Publisher

John Wiley and Sons; Elsevier ; Elsevier Ltd.; Elsevier BV (ISSN 1098-3015)

Published

2001

Language

EN

Field

Economics, Econometrics and Finance (Social Sciences)