English, Article, Journal or magazine article edition: Testing the predective validity of the time trade-off and the Stardard Gamble Jose María Abellán-Perpiñán; Han Bleichrodt; Jose Luis Pinto-Prades

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Bookmark: http://trove.nla.gov.au/version/160400
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Testing the predective validity of the time trade-off and the Stardard Gamble
Author
  • Jose María Abellán-Perpiñán
  • Han Bleichrodt
  • Jose Luis Pinto-Prades
Physical Description
  • preprint
Notes
  • This paper tests the consistency of health utility measurements with individual preferences. We compare three methods, the time trade-off, the standard gamble and a version of the standard gamble that corrects for the deviations from expected utility modelled by prospect theory. Individual preferences are measured both through a ranking task and through a choice task. In decisions involving no risk the time trade-off is most consistent with people’s preferences with the standard gamble a close second. In decisions involving risk the corrected standard gamble is most consistent with people’s preferences. Our data do not support the common assumption in health economics that utility is transferable across decision contexts.
  • Health utility measurement, QALYs,stardard gamble, time trade-off, prospect theory.
  • RePEc:cea:doctra:e2007_14
Language
  • English
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