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The internal consistency of the standard gamble: tests after adjusting for prospect theory

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  • Oliver, Adam
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    File URL: http://www.sciencedirect.com/science/article/B6V8K-48718H5-1/2/c51af05a9c2e151b4451d87e5e4b39c9
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Health Economics.

    Volume (Year): 22 (2003)
    Issue (Month): 4 (July)
    Pages: 659-674

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    Handle: RePEc:eee:jhecon:v:22:y:2003:i:4:p:659-674

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    Web page: http://www.elsevier.com/locate/inca/505560

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Eric J. Johnson & David A. Schkade, 1989. "Bias in Utility Assessments: Further Evidence and Explanations," Management Science, INFORMS, vol. 35(4), pages 406-424, April.
    2. Amiram Gafni & George W. Torrance, 1984. "Risk Attitude and Time Preference in Health," Management Science, INFORMS, vol. 30(4), pages 440-451, April.
    3. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
    4. Diecidue, E. & Wakker, P.P., 2000. "On the Intuition of Rank-Dependent Utility," Discussion Paper 2000-74, Tilburg University, Center for Economic Research.
    5. George Wu & Richard Gonzalez, 1996. "Curvature of the Probability Weighting Function," Management Science, INFORMS, vol. 42(12), pages 1676-1690, December.
    6. Tversky, Amos & Kahneman, Daniel, 1992. " Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
    7. Oliver, Adam, 2003. "A quantitative and qualitative test of the Allais paradox using health outcomes," Open Access publications from London School of Economics and Political Science http://eprints.lse.ac.uk/, London School of Economics and Political Science.
    8. Pamela K. Lattimore & Joanna R. Baker & A. Dryden Witte, 1992. "The Influence Of Probability on Risky Choice: A parametric Examination," NBER Technical Working Papers 0081, National Bureau of Economic Research, Inc.
    9. Han Bleichrodt & Jose Luis Pinto, 2000. "A Parameter-Free Elicitation of the Probability Weighting Function in Medical Decision Analysis," Management Science, INFORMS, vol. 46(11), pages 1485-1496, November.
    10. George Wu & Richard Gonzalez, 1999. "Nonlinear Decision Weights in Choice Under Uncertainty," Management Science, INFORMS, vol. 45(1), pages 74-85, January.
    11. Bleichrodt, Han, 2001. " Probability Weighting in Choice under Risk: An Empirical Test," Journal of Risk and Uncertainty, Springer, vol. 23(2), pages 185-98, September.
    12. Torrance, George W., 1986. "Measurement of health state utilities for economic appraisal : A review," Journal of Health Economics, Elsevier, vol. 5(1), pages 1-30, March.
    13. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages S251-78, October.
    14. John C. Hershey & Paul J. H. Schoemaker, 1985. "Probability Versus Certainty Equivalence Methods in Utility Measurement: Are they Equivalent?," Management Science, INFORMS, vol. 31(10), pages 1213-1231, October.
    15. Oliver, Adam, 2003. "A quantitative and qualitative test of the Allais paradox using health outcomes," Journal of Economic Psychology, Elsevier, vol. 24(1), pages 35-48, February.
    16. Tversky, Amos & Kahneman, Daniel, 1991. "Loss Aversion in Riskless Choice: A Reference-Dependent Model," The Quarterly Journal of Economics, MIT Press, vol. 106(4), pages 1039-61, November.
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    Cited by:
    1. L. M. Lamers & C. A. M. Bouwmans & A. van Straten & M. C. H. Donker & L. Hakkaart, 2006. "Comparison of EQ-5D and SF-6D utilities in mental health patients," Health Economics, John Wiley & Sons, Ltd., vol. 15(11), pages 1229-1236.
    2. Brazier, J, 2005. "Current state of the art in preference-based measures of health and avenues for further research," MPRA Paper 29762, University Library of Munich, Germany.
    3. John Brazier & Christopher McCabe, 2007. "Is there a case for using visual analogue scale valuations in CUA' by Parkin and Devlin a response: 'yes there is a case, but what does it add to ordinal data?," Health Economics, John Wiley & Sons, Ltd., vol. 16(6), pages 645-647.
    4. Adam Oliver, 2006. "On the lottery equivalents method: a response to Spencer et al ," Health Economics, John Wiley & Sons, Ltd., vol. 15(3), pages 323-325.
    5. Han Bleichrodt & José María Abellán-Perpiñan & JoséLuis Pinto & Ildefonso Méndez-Martínez, 2005. "Resolving inconsistencies in utility measurement under risk: Tests of generalizations of expected utility," Economics Working Papers 798, Department of Economics and Business, Universitat Pompeu Fabra.
    6. A. Spencer & J. Covey & S. Chilton & M. Taylor, 2005. "Testing the internal consistency of the lottery equivalents method using health outcomes: a comment to Oliver," Health Economics, John Wiley & Sons, Ltd., vol. 14(2), pages 161-167.
    7. Jose Mª Abellán Perpiñán & Fernando Ignacio Sánchez Martínez & Jorge Eduardo Martínez Pérez & Ildefonso Méndez Martínez, 2009. "The QALY model wich came in from a general population survey: roughly multiplicative, broadly nonlinear and sometimes contex-dependt," Economic Working Papers at Centro de Estudios Andaluces E2009/04, Centro de Estudios Andaluces.
    8. Adam Oliver, 2005. "Testing the internal consistency of the lottery equivalents method using health outcomes," Health Economics, John Wiley & Sons, Ltd., vol. 14(2), pages 149-159.

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