{"date_updated":"2023-08-20T17:55:46Z","series_title":" Ruhr Economic Papers","intvolume":"       863","language":[{"iso":"eng"}],"abstract":[{"lang":"eng","text":"Theoretical papers show that optimal prevention decisions in the sense of selfprotection (i.e., primary prevention) depend not only on the level of (second-order) risk aversion but also on higher-order risk preferences such as prudence (third-order risk aversion). We study empirically whether these theoretical results hold and whether prudent individuals show less preventive (self-protection) effort than non-prudent individuals. We use a unique dataset that combines data on higher-order risk preferences and various measures of observed real-world prevention behavior. We find that prudent individuals indeed invest less in self-protection as measured by influenza vaccination. This result is driven by high risk individuals such as individuals >60 years of age or chronically ill. We do not find a clear empirical relationship between riskpreferences and prevention in the sense of self-insurance (i.e. secondary prevention). Neither risk aversion nor prudence is related to cancer screenings such as mammograms, Pap smears or X-rays of the lung."}],"title":"Prudence and prevention: Empirical evidence","year":"2020","author":[{"full_name":"Mayrhofer, Thomas","last_name":"Mayrhofer","first_name":"Thomas"},{"id":"48879","first_name":"Hendrik","full_name":"Schmitz, Hendrik","last_name":"Schmitz"}],"user_id":"53779","_id":"46541","status":"public","date_created":"2023-08-16T10:50:11Z","department":[{"_id":"281"},{"_id":"475"}],"citation":{"apa":"Mayrhofer, T., &#38; Schmitz, H. (2020). <i>Prudence and prevention: Empirical evidence</i> (Vol. 863). RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.","mla":"Mayrhofer, Thomas, and Hendrik Schmitz. <i>Prudence and Prevention: Empirical Evidence</i>. RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen, 2020.","chicago":"Mayrhofer, Thomas, and Hendrik Schmitz. <i>Prudence and Prevention: Empirical Evidence</i>. Vol. 863.  Ruhr Economic Papers. RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen, 2020.","ama":"Mayrhofer T, Schmitz H. <i>Prudence and Prevention: Empirical Evidence</i>. Vol 863. RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen; 2020.","bibtex":"@book{Mayrhofer_Schmitz_2020, series={ Ruhr Economic Papers}, title={Prudence and prevention: Empirical evidence}, volume={863}, publisher={RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen}, author={Mayrhofer, Thomas and Schmitz, Hendrik}, year={2020}, collection={ Ruhr Economic Papers} }","ieee":"T. Mayrhofer and H. Schmitz, <i>Prudence and prevention: Empirical evidence</i>, vol. 863. RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen, 2020.","short":"T. Mayrhofer, H. Schmitz, Prudence and Prevention: Empirical Evidence, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen, 2020."},"volume":863,"publisher":"RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen","type":"working_paper","keyword":["prudence","risk preferences","prevention","vaccination","screening"]}