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Variations in Risk Attitude across Race, Gender, and Education

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  • Allison B. Rosen
  • Jerry S. Tsai
  • Stephen M. Downs

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

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  • Allison B. Rosen & Jerry S. Tsai & Stephen M. Downs, 2003. "Variations in Risk Attitude across Race, Gender, and Education," Medical Decision Making, , vol. 23(6), pages 511-517, November.
    • Handle: RePEc:sae:medema:v:23:y:2003:i:6:p:511-517
    DOI: 10.1177/0272989X03258431
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    6. Moritz Heß & Christian von Scheve & Jürgen Schupp & Gert G. Wagner, 2013. "Sind Politiker risikofreudiger als das Volk?: Eine empirische Studie zu Mitgliedern des Deutschen Bundestags," SOEPpapers on Multidisciplinary Panel Data Research 545, DIW Berlin, The German Socio-Economic Panel (SOEP).
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    12. Craig Trumbo & Michelle Lueck & Holly Marlatt & Lori Peek, 2011. "The Effect of Proximity to Hurricanes Katrina and Rita on Subsequent Hurricane Outlook and Optimistic Bias," Risk Analysis, John Wiley & Sons, vol. 31(12), pages 1907-1918, December.
    13. Tak, Hyo Jung & Hougham, Gavin W. & Ruhnke, Atsuko & Ruhnke, Gregory W., 2014. "The effect of in-office waiting time on physician visit frequency among working-age adults," Social Science & Medicine, Elsevier, vol. 118(C), pages 43-51.
    14. Bhat, Chandra R. & Dubey, Subodh K. & Nagel, Kai, 2015. "Introducing non-normality of latent psychological constructs in choice modeling with an application to bicyclist route choice," Transportation Research Part B: Methodological, Elsevier, vol. 78(C), pages 341-363.
    15. Hügelschäfer, Sabine & Achtziger, Anja, 2014. "On confident men and rational women: It’s all on your mind(set)," Journal of Economic Psychology, Elsevier, vol. 41(C), pages 31-44.
    16. Mohsen Sadatsafavi & Tae Yoon Lee & Paul Gustafson, 2022. "Uncertainty and the Value of Information in Risk Prediction Modeling," Medical Decision Making, , vol. 42(5), pages 661-671, July.
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