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The triumph of hope over regret [electronic resource] : a note on the utility value of good health expectations / Gigi Foster, Paul Frijters, and David W. Johnston
Bib ID 6100757
Format BookBook, OnlineOnline
Author
Foster, Gigi
 
Online Access
Online Versions
Description Brisbane, Qld. : School of Economics, University of Queensland, 2012 
Series

Discussion paper (University of Queensland. School of Economics : Online) ; 451. 1833-1068

PANDORA electronic collection.

Technical Details

Mode of access: Online. Address as at 17/09/2012: http://www.uq.edu.au/economics/451-the-triumph-of-hope-over-regret-a-note-on-the-utility-value-of-good-health-expectations 

System requirements: Adobe Acrobat reader to read PDF file. 

Summary

In this paper we compare three theories of utility formation: prospect theory, regret theory, and a combination which additionally allows for direct utility flows from positive expectations. We then test which of these theories best explains actual connections between health and welfare over time, using a rich Australian data set on health expectations, economic behavior, and well-being. We find evidence supporting a much stronger utility impact of health expectations than of regret regarding health. Our results support the idea than unless individuals are able to alter their future health outcomes by changing their behavior, a benevolent health care provider should only provide good information about the future.

Notes

Title from title screen (viewed on Sept. 17, 2012)

Includes bibliographical references (p. 24-30)

Text.

Selected for archiving

Subjects Medical economics -- Australia -- Mathematical models.  |  Medical economics -- Psychological aspects -- Australia.  |  Australian
Other authors/contributors Frijters, Paul  |  Johnston, David W  |  University of Queensland. School of Economics

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