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The Time Trade-Off Method: An Exploratory Study

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  • Anne Spencer

    (Queen Mary, University of London)

Abstract

In a pilot study we investigate whether the inferences we draw about people's preferences towards health care treatments are altered if we vary the procedure that is used to elicit these preferences. In a conventional Time Trade-Off question, respondents express their preferences towards treatment by comparing a period of ill-health with a shorter period in a higher quality of life. In our less conventional TTO question, we vary the procedure by asking respondents their preferences towards treatment by comparing a period of ill-health with a longer period in a lower quality of life. The quantitative data is equivocal about whether preferences for treatment differ between the conventional and unconventional questions. The qualitative data support the notion of contrasting issues in questions that involve prolonging time in a more severe quality of life and appear to account for a failure to find quantitative differences in all of the questions.

Suggested Citation

  • Anne Spencer, 2001. "The Time Trade-Off Method: An Exploratory Study," Working Papers 437, Queen Mary University of London, School of Economics and Finance.
  • Handle: RePEc:qmw:qmwecw:wp437
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    File URL: http://www.econ.qmul.ac.uk/media/econ/research/workingpapers/archive/wp437.pdf
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    References listed on IDEAS

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    1. Morrison, Gwendolyn C, 2000. "The Endowment Effect and Expected Utility," Scottish Journal of Political Economy, Scottish Economic Society, vol. 47(2), pages 183-197, May.
    2. Susan Chilton & Anne Spencer, 2001. "Empirical evidence of inconsistency in Standard Gamble choices under direct and indirect elicitation methods," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 137(I), pages 65-86, March.
    3. Dolan, Paul & Jones-Lee, Michael, 1997. "The time trade-off: A note on the effect of lifetime reallocation of consumption and discounting," Journal of Health Economics, Elsevier, vol. 16(6), pages 731-739, December.
    4. Alan Diener & Bernie O'Brien & Amiram Gafni, 1998. "Health care contingent valuation studies: a review and classification of the literature," Health Economics, John Wiley & Sons, Ltd., vol. 7(4), pages 313-326.
    5. Beattie, Jane & Covey, Judith & Dolan, Paul & Hopkins, Lorraine & Jones-Lee, Michael & Loomes, Graham & Pidgeon, Nick & Robinson, Angela & Spencer, Anne, 1998. "On the Contingent Valuation of Safety and the Safety of Contingent Valuation: Part 1--Caveat Investigator," Journal of Risk and Uncertainty, Springer, vol. 17(1), pages 5-25, October.
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    More about this item

    Keywords

    Time Trade-Off; Procedural invariance;

    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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