Journal article
Risk Attitude and Time Preference in Health
Abstract
Risk attitude and time preference are well-known and distinct concepts in the study of individuals' preferences for goods such as money. This paper reviews and explores the application of these concepts to the field of health. A mathematical model is presented, both in a general form and in an exponential form, which relates an individual's risk attitude in health to three effects—a quantity effect, a gambling effect and a time preference …
Authors
Gafni A; Torrance GW
Journal
Management Science, Vol. 30, No. 4, pp. 440–451
Publisher
Institute for Operations Research and the Management Sciences (INFORMS)
Publication Date
April 1984
DOI
10.1287/mnsc.30.4.440
ISSN
0025-1909