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It might be premature to reject the assumption of a power curve relationship between VAS and SG data: three comments on Stevens, McCabe and Brazier's ‘Mapping between VAS and SG data; results from the UK HUI Index 2 valuation survey’*

* This paper is a replication of an original study

Author

Listed:
  • Amir Shmueli

Abstract

In a recent paper in Health Economics, Stevens, McCabe and Brazier (Health Econ. 2006; 15: 527–533.) found that the cubic relationship between Visual Analog Scale (VAS) values and standard gamble (SG) utilities was superior to other functional forms in terms of explanatory power and predictive ability. Consequently, they question the reliance on the assumption of a power curve relationship, which was established, theoretically and empirically, in earlier works. This note argues that: (1) SMB's conclusions are incorrect. The estimated cubic function overfits the four data points, and is questionable with respect to the implied attitude toward relative risk. (2) The evaluation of the functional forms in terms of the individual predictions' mean absolute error is misleading and (3) correcting for heteroscedasticity improves the precision of the estimates and of the predictions. Copyright © 2006 John Wiley & Sons, Ltd.

Suggested Citation

  • Amir Shmueli, 2007. "It might be premature to reject the assumption of a power curve relationship between VAS and SG data: three comments on Stevens, McCabe and Brazier's ‘Mapping between VAS and SG data; results from the," Health Economics, John Wiley & Sons, Ltd., vol. 16(7), pages 755-758, July.
    • Handle: RePEc:wly:hlthec:v:16:y:2007:i:7:p:755-758
    DOI: 10.1002/hec.1188
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    References listed on IDEAS

    as
    1. James S. Dyer & Rakesh K. Sarin, 1982. "Relative Risk Aversion," Management Science, INFORMS, vol. 28(8), pages 875-886, August.
    2. G Torrance & Y Zhang & D Feeny & W Furlong & R Barr, 1992. "Multi-attribute Utility Functions for a Comprehensive Health Status Classification System: Health Utilities Index Mark 2," Centre for Health Economics and Policy Analysis Working Paper Series 1992-18, Centre for Health Economics and Policy Analysis (CHEPA), McMaster University, Hamilton, Canada.
    Full references (including those not matched with items on IDEAS)

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    Replication

    This item is a replication of:
  • Katherine J. Stevens & Christopher J. McCabe & John E. Brazier, 2006. "Mapping between Visual Analogue Scale and Standard Gamble data; results from the UK Health Utilities Index 2 valuation survey," Health Economics, John Wiley & Sons, Ltd., vol. 15(5), pages 527-533, May.

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