A theoretical framework for TTO valuations of health
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.
Volume (Year): 15 (2006)
Issue (Month): 10 ()
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- Han Bleichrodt & José Luis Pinto & José María Abellán-Perpiñán, 2003.
"A consistency test of the time trade-off,"
Working Papers, Research Center on Health and Economics
676, Department of Economics and Business, Universitat Pompeu Fabra.
- 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, December.
- Anne Spencer, 2003. "The TTO method and procedural invariance," Health Economics, John Wiley & Sons, Ltd., vol. 12(8), pages 655-668.
- J. R. Hicks, 1943. "The Four Consumer's Surpluses," Review of Economic Studies, Oxford University Press, vol. 11(1), pages 31-41.
- Johansson,Per-Olov, 1991. "An Introduction to Modern Welfare Economics," Cambridge Books, Cambridge University Press, number 9780521356954, December.
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