TY - JOUR
T1 - The role of regret minimisation in lifestyle choices affecting the risk of coronary heart disease
AU - Boeri, Marco
AU - Longo, Alberto
AU - Grisolía, José M.
AU - Hutchinson, W. George
AU - Kee, Frank
N1 - Funding Information:
Funding for this research was provided by the UKCRC, grant number RES-590-28-0001, and by the Department for Employment and Learning, Northern Ireland. The views expressed here are solely those of the authors and do not in any way represent the views of the UKCRC or of the Department for Employment and Learning, Northern Ireland.
PY - 2013/1
Y1 - 2013/1
N2 - 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.
AB - 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.
KW - Behavioural economics
KW - Coronary heart disease risk
KW - Dietary choices
KW - Physical activity
KW - Random Regret Minimisation
KW - Random Utility Maximisation
UR - http://www.scopus.com/inward/record.url?scp=84873729650&partnerID=8YFLogxK
U2 - 10.1016/j.jhealeco.2012.10.007
DO - 10.1016/j.jhealeco.2012.10.007
M3 - Article
C2 - 23228950
AN - SCOPUS:84873729650
SN - 0167-6296
VL - 32
SP - 253
EP - 260
JO - Journal of Health Economics
JF - Journal of Health Economics
IS - 1
ER -
