Journal
JOURNAL OF HEALTH ECONOMICS
Volume 32, Issue 1, Pages 253-260Publisher
ELSEVIER
DOI: 10.1016/j.jhealeco.2012.10.007
Keywords
Random Regret Minimisation; Random Utility Maximisation; Dietary choices; Physical activity; Coronary heart disease risk; Behavioural economics
Funding
- UKCRC [RES-590-28-0001]
- Department for Employment and Learning, Northern Ireland
- Medical Research Council [MR/K023241/1, MC_CF023241] Funding Source: researchfish
- MRC [MR/K023241/1] Funding Source: UKRI
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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. (C) 2012 Elsevier B.V. All rights reserved.
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