Risk aversion and the value of diagnostic tests
Document type :
Article dans une revue scientifique
Title :
Risk aversion and the value of diagnostic tests
Author(s) :
Bleichrodt, Hal [Auteur]
Crainich, David [Auteur]
Lille économie management - UMR 9221 [LEM]
Eeckhoudt, Louis [Auteur]
Treich, Nicolas [Auteur]
Crainich, David [Auteur]
Lille économie management - UMR 9221 [LEM]
Eeckhoudt, Louis [Auteur]
Treich, Nicolas [Auteur]
Journal title :
Theory and Decision
Pages :
137-149
Publication date :
2020-03
ISSN :
1573-7187
English keyword(s) :
Diagnostic risks
Diagnostic tests
Value of information
Risk aversion
Diagnostic tests
Value of information
Risk aversion
HAL domain(s) :
Sciences de l'Homme et Société/Economies et finances
English abstract : [en]
Diagnostic tests allow better informed medical decisions when there is uncertainty about a patient’s health status and, therefore, about the desirability to undertake treatment. This paper studies the relation between the ...
Show more >Diagnostic tests allow better informed medical decisions when there is uncertainty about a patient’s health status and, therefore, about the desirability to undertake treatment. This paper studies the relation between the expected value of diagnostic information and apatient's risk aversion. We show that the ex ante value of diagnostic information increaseswith risk aversion for diseases with low prevalence, but decreases with risk aversion for diseases with high prevalence. On the other hand, the ex post value of diagnostic information always increases with the patient's degree of risk aversion.Show less >
Show more >Diagnostic tests allow better informed medical decisions when there is uncertainty about a patient’s health status and, therefore, about the desirability to undertake treatment. This paper studies the relation between the expected value of diagnostic information and apatient's risk aversion. We show that the ex ante value of diagnostic information increaseswith risk aversion for diseases with low prevalence, but decreases with risk aversion for diseases with high prevalence. On the other hand, the ex post value of diagnostic information always increases with the patient's degree of risk aversion.Show less >
Language :
Anglais
Peer reviewed article :
Oui
Audience :
Nationale
Popular science :
Oui
Collections :
Source :
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