Custom-made versus ready-to-wear treatments: Behavioral propensities in physicians’ choices

Frank, Richard G.; Zeckhauser, Richard

doi:10.1016/j.jhealeco.2007.08.002

Cited by 83 publications

(89 citation statements)

References 25 publications

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“…In their review of the literature, they highlight the phenomenon of habit formation in prescribing, which could lead to inefficient outcomes even in the absence of monetary incentive. (Frank & Zeckhauser, 2007;Hellerstein, 1998;Levine Taub, Kolotilin, Gibbons, & Berndt 2011;Virabhak & Shinogle, 2005).…”

Section: The Literature Reviewmentioning

confidence: 99%

Drug therapy adherence and health outcomes in the presence of physician and patient unobserved heterogeneity

2017

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Understanding the role that drug adherence has on health outcomes in everyday clinical practice is central for the policy maker. This is particularly true when patients suffer from asymptomatic chronic conditions (e.g., hypertension, hypercholesterolaemia, and diabetes). By exploiting a unique longitudinal dataset at patient and physician level in Italy, we show that patients and physicians unobserved characteristics play an important role in determining health status, at least as important as drug adherence. Most importantly, we find that both adherence and prescribed treatment regimen effects are highly heterogeneous across physicians, highlighting their crucial role in shaping patients' health status.

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Section: The Literature Reviewmentioning

confidence: 99%

Drug therapy adherence and health outcomes in the presence of physician and patient unobserved heterogeneity

2017

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“…Theoretical accounts of ambiguity aversion have offered hypothesis based on the relative knowledge of the decision maker (Frisch & Baron, 1988;Heath & Tversky, 1991), low tolerance for uncertainty (Pulford & Colman, 2008), and anchoring and adjustment in the formation of subjective beliefs (Einhorn & Hogarth, 1985). More recently, ambiguity aversion has also successfully been applied to explain behaviour in a wide range of social settings, including strategic games (Pulford & Colman, 2007), financial markets (Easley & O'Hara, in press), and medical decisions (Frank & Zeckhauser, 2007;Wakker, 2000).…”

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confidence: 99%

Pricing Risk and Ambiguity: The Effect of Perspective Taking

Trautmann

Schmidt

2012

Quarterly Journal of Experimental Psychology

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In the valuation of uncertain prospects, a difference is often observed between selling and buying perspectives. This paper distinguishes between risk (known probabilities) and ambiguity (unknown probabilities) in decisions under uncertainty and shows that the valuation disparity increases under ambiguity compared to risk. It is found that both the comparative versus noncomparative evaluation of risky and ambiguous prospects and the uniqueness of the valuation perspective (either seller or buyer) moderate this increase in the disparity under ambiguity. The finding is consistent with recent theoretical accounts of pricing under uncertainty. We discuss implications for market behaviour and for the ambiguity paradigm as a research tool.

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“…We are particularly interested in whether physicians customize care in response to financial incentives at the individual patient level or provide ready-to-wear treatment (Frank & Zeckhauser 2007), implying a one-for-all approach, irrespective of the incentives presented by the individual patient.…”

Section: Introductionmentioning

confidence: 99%