The correction of TTO-scores for utility curvature using a risk-free utility elicitation method
AbstractThis paper describes and employs a new method to correct time tradeoff (TTO)-scores for utility of life duration curvature. In contrast to most previous attempts to do so, it uses a risk-free method that corresponds well to the risk-free properties of the TTO-method. In addition, the method is robust to several biases that occur under methods that incorporate risk. Our results show a significant degree of curvature in utility of life duration and therefore a clear bias in TTO-scores. The risk-free method seems to be useful to correct TTO-scores for this influence and leads to significantly higher quality-adjustment factors.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Health Economics.
Volume (Year): 28 (2009)
Issue (Month): 1 (January)
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Web page: http://www.elsevier.com/locate/inca/505560
Time tradeoff method Utility of life duration Risk-free method Double discounting;
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