English, Article, Journal or magazine article edition: A Consistency Test of the Time Trade-Off Han Bleichrodt; José Luis Pinto; José María Abellán-Perpiñán

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Bookmark: http://trove.nla.gov.au/version/111737
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A Consistency Test of the Time Trade-Off
Author
  • Han Bleichrodt
  • José Luis Pinto
  • José María Abellán-Perpiñán
Physical Description
  • preprint
Notes
  • RePEc:upf:upfses:676
  • This paper tests the internal consistency of time trade-off utilities. We find significant violations of consistency in the direction predicted by loss aversion. The violations disappear for higher gauge durations. We show that loss aversion can also explain that for short gauge durations time trade-off utilities exceed standard gamble utilities. Our results suggest that time trade-off measurements that use relatively short gauge durations, like the widely used EuroQol algorithm (Dolan 1997), are affected by loss aversion and lead to utilities that are too high.
  • Cost-Utility Analysis, Time Trade-Off, Loss Aversion
  • RePEc:upf:upfgen:676
Language
  • English
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