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KMID : 1170320200260020059
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Korean Journal of Health Economics and Policy
2020 Volume.26 No. 2 p.59 ~ p.82
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Risk Preference and Health Behavio
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Kim Tae-Hwan
Kwon Soon-Man
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Abstract
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This study aims to find out if risk preference predicts health-related behaviors. Korea Labor Institute Population Survey (KLIPS) and its 10th wave is used for statistical analysis as they provide relevant variables such as hypothetical lottery questions, health-related behaviors, and other individual characteristics. This study used lottery questions and utility function of constant relative risk aversion to elicit risk aversion, on which each of health-related behaviors were regressed with other control variables. Health-related variables include addictive behaviors, such as heavy drinking and heavy smoke, and healthy behaviors such as diet, checkup, exercise, rest & sleep, supplements intake, and cessations of drinking and smoking. The logistic regression results show that risk aversion is correlated with heavy drinking and heavy smoking and all the included healthy behaviors except checkup. The more risk averse, the less chance of addictive and healthy behaviors. This research implies various academic disciplines including experimental economics methodology are necessary for the study of health behavior and the determinants of health.
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KEYWORD
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Risk Preference, Health-related Behaviors, Health Investment
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