Can prospect theory explain risk-seeking behavior by terminally ill patients?
Journal Article (Journal Article)
Patients with life-threatening conditions sometimes appear to make risky treatment decisions as their condition declines, contradicting the risk-averse behavior predicted by expected utility theory. Prospect theory accommodates such decisions by describing how individuals evaluate outcomes relative to a reference point and how they exhibit risk-seeking behavior over losses relative to that point. The authors show that a patient's reference point for his or her health is a key factor in determining which treatment option the patient selects, and they examine under what circumstances the more risky option is selected. The authors argue that patients' reference points may take time to adjust following a change in diagnosis, with implications for predicting under what circumstances a patient may select experimental or conventional therapies or select no treatment.
Full Text
Duke Authors
Cited Authors
- Rasiel, EB; Weinfurt, KP; Schulman, KA
Published Date
- November 2005
Published In
Volume / Issue
- 25 / 6
Start / End Page
- 609 - 613
PubMed ID
- 16282211
International Standard Serial Number (ISSN)
- 0272-989X
Digital Object Identifier (DOI)
- 10.1177/0272989X05282642
Language
- eng
Conference Location
- United States