The role of regret minimisation in lifestyle choices affecting the risk of coronary heart disease

Marco Boeri, Alberto Longo, Jose M. Grisolia, W. George Hutchinson, Frank Kee

Research output: Contribution to journalArticle

22 Citations (Scopus)
404 Downloads (Pure)

Abstract

This paper introduces the discrete choice model-paradigm of Random Regret Minimisation (RRM) to the field of health economics. The RRM is a regret-based model that explores a driver of choice different from the traditional utility-based Random Utility Maximisation (RUM). The RRM approach is based on the idea that, when choosing, individuals aim to minimise their regret–regret being defined as what one experiences when a non-chosen alternative in a choice set performs better than a chosen one in relation to one or more attributes. Analysing data from a discrete choice experiment on diet, physical activity and risk of a fatal heart attack in the next ten years administered to a sample of the Northern Ireland population, we find that the combined use of RUM and RRM models offer additional information, providing useful behavioural insights for better informed policy appraisal.
Original languageEnglish
Pages (from-to)253-260
Number of pages8
JournalJournal of Health Economics
Volume32
Issue number1
DOIs
Publication statusPublished - Jan 2013

Keywords

  • Random Regret Minimization; Random Utility Maximization; Dietary choices; Physical activity; Coronary heart disease risk; Behavioural economics

ASJC Scopus subject areas

  • Health Policy
  • Public Health, Environmental and Occupational Health

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