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The correction of TTO-scores for utility curvature using a risk-free utility elicitation method

  • Attema, Arthur E.
  • Brouwer, Werner B.F.

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

Volume (Year): 28 (2009)
Issue (Month): 1 (January)
Pages: 234-243

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Handle: RePEc:eee:jhecon:v:28:y:2009:i:1:p:234-243
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505560

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