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Testing the Predictive Validity of the Time Trade-Off and the Standard Gamble

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Author Info

  • JOSE MARIA ABELLAN-PERPIÑAN

    ()
    (Departmento de Economia Aplicada, Universidad de Murcia)

  • Han Bleichrodt

    ()
    (Department of Economics & iMTA/iBMG, Erasmus University)

  • Jose Luis Pinto-Prades

    ()
    (Departament of Economics, Universidad Pablo de Olavide)

Abstract

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 modeled 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.

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File URL: http://www.upo.es/serv/bib/wps/econ0717.pdf
File Function: First version, 2007
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Bibliographic Info

Paper provided by Universidad Pablo de Olavide, Department of Economics in its series Working Papers with number 07.17.

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Length: 28 pages
Date of creation: Dec 2007
Date of revision:
Handle: RePEc:pab:wpaper:07.17

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Keywords: Health utility measurement; QALYs; standard gamble; time trade-off; prospect theory.;

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Cited by:
  1. Attema, Arthur E. & Brouwer, Werner B.F., 2009. "The correction of TTO-scores for utility curvature using a risk-free utility elicitation method," Journal of Health Economics, Elsevier, vol. 28(1), pages 234-243, January.

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