Predicting health behaviors with an experimental measure of risk preference

• Published in: Journal of health economics Vol. 27; no. 5; pp. 1260 - 1274
• Main Authors: Anderson, Lisa R., Mellor, Jennifer M.
• Format: Journal Article
• Language: English
• Published: Netherlands Elsevier B.V 01.09.2008; Elsevier; Elsevier Sequoia S.A
• Series: Journal of Health Economics
• Subjects: Adolescent; Adult; Aged; Aged, 80 and over; Alcohol; Alcohol Drinking - psychology; Attitude to Health; Consumer Behavior - statistics & numerical data; Correlation analysis; Empirical Research; Experiments; Gambling - psychology; Health; Health Behavior; Health behaviour; Health economics; Health risk behaviors; Humans; Incentives; Individual behaviour; Lottery choice experiment; Middle Aged; Obesity - psychology; Overweight - psychology; Preferences; Psychometrics; Risk; Risk Assessment; Risk aversion; Risk preference; Risk preferences; Risk taking; Safety; Seat Belts - utilization; Smoking; Smoking - psychology; Socioeconomic Factors; Studies; Health risk behaviors; Lottery choice experiment; Risk preference; C91; I12; Smoking
• ISSN: 0167-6296; 1879-1646
• DOI: 10.1016/j.jhealeco.2008.05.011

We conduct a large-scale economics experiment paired with a survey to examine the association between individual risk preference and health-related behaviors among adults aged 18–87 years. Risk preference is measured by the lottery choice experiment designed by Holt and Laury [Holt, C.A., Laury, S.K., 2002. Risk aversion and incentive effects. The American Economic Review 92(5), 1644–1655]. Controlling for subject demographic and economic characteristics, we find that risk aversion is negatively and significantly associated with cigarette smoking, heavy drinking, being overweight or obese, and seat belt non-use. In additional specifications, we find that risk aversion is negatively and significantly associated with the likelihood a subject engaged in any of five risky behaviors and the number of risky behaviors reported.