Prudence and prevention: an economic laboratory experiment
In an economic laboratory experiment, we study the relationship between prudence and prevention in general decision situations. Previous theoretical research on this relationship posits a negative impact of prudence on the optimal level of prevention. Overall, we find both risk-averse and prudent be...
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| Published in | Applied economics letters Vol. 24; no. 1; pp. 19 - 24 |
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| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
London
Routledge
01.01.2017
Taylor & Francis LLC |
| Subjects | |
| Online Access | Get full text |
| ISSN | 1350-4851 1466-4291 |
| DOI | 10.1080/13504851.2016.1158909 |
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| Abstract | In an economic laboratory experiment, we study the relationship between prudence and prevention in general decision situations. Previous theoretical research on this relationship posits a negative impact of prudence on the optimal level of prevention. Overall, we find both risk-averse and prudent behaviour among our subjects. Moreover, prudent subjects chose significantly less prevention than nonprudent subjects, confirming the theoretical results of one-period models in the literature. Our findings might have implications for health policy if prudence - rather than irrational decision behaviour, as previously assumed - is responsible for low levels of preventive effort. |
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| AbstractList | In an economic laboratory experiment, we study the relationship between prudence and prevention in general decision situations. Previous theoretical research on this relationship posits a negative impact of prudence on the optimal level of prevention. Overall, we find both risk-averse and prudent behaviour among our subjects. Moreover, prudent subjects chose significantly less prevention than nonprudent subjects, confirming the theoretical results of one-period models in the literature. Our findings might have implications for health policy if prudence - rather than irrational decision behaviour, as previously assumed - is responsible for low levels of preventive effort. In an economic laboratory experiment, we study the relationship between prudence and prevention in general decision situations. Previous theoretical research on this relationship posits a negative impact of prudence on the optimal level of prevention. Overall, we find both risk-averse and prudent behaviour among our subjects. Moreover, prudent subjects chose significantly less prevention than nonprudent subjects, confirming the theoretical results of one-period models in the literature. Our findings might have implications for health policy if prudence - rather than irrational decision behaviour, as previously assumed - is responsible for low levels of preventive effort. Reprinted by permission of Routledge, Taylor and Francis Ltd. |
| Author | Krieger, Miriam Mayrhofer, Thomas |
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| Cites_doi | 10.1007/978-1-4615-0991-2 10.2307/2171866 10.1016/j.mathsocsci.2009.07.001 10.1287/mnsc.1110.1354 10.1007/s11166-014-9193-0 10.2307/1914185 10.1111/j.1467-937X.2010.00605.x 10.1016/0165-1765(94)00636-G 10.1007/s10683-006-9159-4 10.1177/0272989X9901900309 10.1023/A:1026435508449 10.1007/s00199-004-0548-7 10.1257/000282802762024700 10.1093/restud/rdt032 10.2307/1060623 10.1002/(ISSN)1099-1050 10.1257/000282806776157777 10.1007/s10683-011-9306-4 10.3982/ECTA11396 10.2307/2938334 10.1016/0165-1765(85)90123-5 10.1214/088342305000000296 10.1086/259916 |
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| SubjectTerms | Economic analysis Economic models Experiments Laboratories laboratory experiment Prevention prudence Risk risk preferences Self-protection |
| Title | Prudence and prevention: an economic laboratory experiment |
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