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A theoretical framework for TTO valuations of health

Author

Listed:
  • Ken Buckingham

    (Department of Preventive and Social Medicine, Otago University, New Zealand)

  • Nancy Devlin

    (City Health Economics Centre, Economics Department, City University, UK)

Abstract

This paper proposes a theoretical framework, drawing on Hicks utility theory, for the Time Trade-off (TTO) method conventionally used to value health states. We briefly describe that theory and posit four distinctive TTO valuation approaches suggested by it: each of compensating variation and equivalent variation for both gains and losses in health, with valuation of health states in each case derived from trade-offs between health and length of life. Recent developments and research on TTO valuation are placed in the context of this framework. Copyright © 2006 John Wiley & Sons, Ltd.

Suggested Citation

  • Ken Buckingham & Nancy Devlin, 2006. "A theoretical framework for TTO valuations of health," Health Economics, John Wiley & Sons, Ltd., vol. 15(10), pages 1149-1154.
  • Handle: RePEc:wly:hlthec:v:15:y:2006:i:10:p:1149-1154 DOI: 10.1002/hec.1122
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    References listed on IDEAS

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    1. J. R. Hicks, 1943. "The Four Consumer's Surpluses," Review of Economic Studies, Oxford University Press, vol. 11(1), pages 31-41.
    2. Bleichrodt, Han & Pinto, Jose Luis & Maria Abellan-Perpinan, Jose, 2003. "A consistency test of the time trade-off," Journal of Health Economics, Elsevier, vol. 22(6), pages 1037-1052, November.
    3. Drummond, Michael F. & Sculpher, Mark J. & Torrance, George W. & O'Brien, Bernie J. & Stoddart, Greg L., 2005. "Methods for the Economic Evaluation of Health Care Programmes," OUP Catalogue, Oxford University Press, edition 3, number 9780198529453.
    4. Johansson,Per-Olov, 1991. "An Introduction to Modern Welfare Economics," Cambridge Books, Cambridge University Press, number 9780521356954, March.
    5. Anne Spencer, 2003. "The TTO method and procedural invariance," Health Economics, John Wiley & Sons, Ltd., vol. 12(8), pages 655-668.
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    Citations

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    Cited by:

    1. Buckingham, Ken J. & Devlin, Nancy Joy, 2009. "A note on the nature of utility in time and health and implications for cost utility analysis," Social Science & Medicine, Elsevier, vol. 68(2), pages 362-367, January.
    2. Bansback, Nick & Brazier, John & Tsuchiya, Aki & Anis, Aslam, 2010. "Using a discrete choice experiment to estimate societal health state utility values," MPRA Paper 29933, University Library of Munich, Germany.
    3. Daniel M. Hausman, 2010. "Valuing health: a new proposal," Health Economics, John Wiley & Sons, Ltd., vol. 19(3), pages 280-296.
    4. Carl Tilling & Marieke Krol & Arthur E. Attema & Aki Tsuchiya & John Brazier & Job Exel & Werner Brouwer, 2016. "Exploring a new method for deriving the monetary value of a QALY," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 17(7), pages 801-809, September.

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