The Role of the Physician’s Risk and Time Preferences and Personality in Clinical Decision Making

There are wide variations in clinical practice despite the increasing use of clinical guidelines. Whilst a wide range of potential determinants have been examined including patient, physician and system characteristics a relatively large part of the variation remains unexplained. This PhD will examine the role of the physician’s risk and time preferences and personality in clinical decision making. Risk and time preferences are key parameters in economic models of choice under uncertainty and intertemporal choice. The role of personality in choices is increasingly recognised within economics. There is a small literature on the impact of physician’s risk preferences on medical decisions but most studies are small in size. The role of time preferences and personality is not well understood. A better understanding of these factors can help reduce practice variations by taking these factors into account within training and professional development.

This PhD will in the first instance draw on a large panel survey of physicians in Australia called "Medicine in Australia: Balancing Employment and Life (MABEL)" (http://mabel.org.au/). This survey includes measures of risk preferences and personality and will be linked to health care resource use. Variations in clinical decisions such as referrals, prescribing and the provision of low value care can be examined.

This PhD combines leading expertise in behavioural economics and health psychology and leading expertise in labour economics and unique data at the Melbourne Institute and is suitable for a student with an interest in health economics, behavioural economics and/or labour economics.

Candidates should contact the lead supervisor to discuss the project in advance of submitting an application, as supervisors will be expected to provide a letter of support for suitable applicants. Please state the name of the supervisor(s) and the title of the project you wish to apply for in the application form. Please also apply for admission to the Degree of Doctor of Philosophy in Applied Health Sciences to ensure that your application will be sent to the correct school for processing.