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Titel
Prudence and prevention : empirical evidence / Thomas Mayrhofer and Hendrik Schmitz
VerfasserMayrhofer, Thomas ; Schmitz, Hendrik
ErschienenEssen, Germany : RWI - Leibniz-Institut für Wirtschaftsforschung, 2020 ; Bochum, Germany : Ruhr-Universität Bochum (RUB), Department of Economics, 2020
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Elektronische Ressource
Umfang1 Online-Ressource (24 Seiten) : Diagramme
SerieRuhr economic papers ; #863
SchlagwörterWirtschaftsmodell / Person / Risikoverhalten / Gesundheit / Selbstversicherung
ISBN978-3-96973-000-3
URNurn:nbn:de:hbz:6:2-1427923 
DOI10.4419/96973000 
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Prudence and prevention [0.27 mb]
Zusammenfassung

Theoretical papers show that optimal prevention decisions in the sense of selfprotection (i.e., primary prevention) depend not only on the level of (second-order) risk aversion but also on higher-order risk preferences such as prudence (third-order risk aversion). We study empirically whether these theoretical results hold and whether prudent individuals show less preventive (self-protection) effort than non-prudent individuals. We use a unique dataset that combines data on higher-order risk preferences and various measures of observed real-world prevention behavior. We find that prudent individuals indeed invest less in self-protection as measured by influenza vaccination. This result is driven by high risk individuals such as individuals >60 years of age or chronically ill. We do not find a clear empirical relationship between riskpreferences and prevention in the sense of self-insurance (i.e. secondary prevention). Neither risk aversion nor prudence is related to cancer screenings such as mammograms, Pap smears or X-rays of the lung.

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