Gender differences in risk attitudes

L. Warshawsky-Livne, L. Novack, A. B. Rosen, S. M. Downs, J. Shkolnik-Inbar, J. S. Pliskin

Research output: Contribution to journalArticle

4 Scopus citations

Abstract

Purpose: A rich literature has documented gender-based differences in health care utilization and outcomes. The role of risk attitude in explaining the variations is limited at best. This study examines gender differences in health utilities and risk attitudes.

Methodology: Data on 13 health states were collected from 629 students via questionnaires at the Ben-Gurion University of the Negev in 2005. From each respondent, we assessed utilities for a subset of health states, using Time Trade-Off and Standard Gamble. A risk attitude coefficient was calculated for each respondent as a function of their utilities for all outcomes assessed. The risk coefficient derived from a closed-form utility model for men was compared to that of women using the t-statistic.

Findings: There was a statistically significant difference in the risk attitudes of men and women. Men had a concave utility function, representing risk aversion, while women had a near linear utility function, suggesting that women are risk neutral.

Practical/social implications: Differences in risk attitude may be an important contributor to gender-based disparities in health services utilization. More research is needed to assess its full impact on decisionmaking in health care.

Original languageEnglish (US)
Pages (from-to)123-140
Number of pages18
JournalAdvances in Health Economics and Health Services Research
Volume24
DOIs
StatePublished - Jan 1 2014

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Keywords

  • Gender
  • Risk attitude
  • Risk aversion
  • Standard gamble
  • Time trade-off
  • Utility function

ASJC Scopus subject areas

  • Health Policy
  • Public Health, Environmental and Occupational Health
  • Health(social science)

Cite this

Warshawsky-Livne, L., Novack, L., Rosen, A. B., Downs, S. M., Shkolnik-Inbar, J., & Pliskin, J. S. (2014). Gender differences in risk attitudes. Advances in Health Economics and Health Services Research, 24, 123-140. https://doi.org/10.1108/S0731-219920140000024003