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Further evidence of preference reversals: choice, valuation and ranking over distributions of life expectancy

Oliver, Adam (2006) Further evidence of preference reversals: choice, valuation and ranking over distributions of life expectancy. Journal of Health Economics, 25 (5). pp. 803-820. ISSN 0167-6296

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Abstract

Moving between choice and direct valuation procedures can cause substantial, systematic preference reversals, which is problematic because it leaves us unsure as to which procedure (if any) is ‘best’. This article reports a study that tests whether using a ranking procedure to infer values rather than more conventional direct valuation can negate this phenomenon. The results suggest that the ranking procedure can render strict preference reversals both less substantial and less systematic. This could have important implications for the valuation of health outcomes, and in attempting to ascertain whether choice, valuation or ranking best uncovers people's preferences, similar tests in the context of more realistic health outcome descriptions are recommended.

Item Type: Article
Official URL: http://www.sciencedirect.com/science/journal/01676...
Additional Information: (c) 2006 Elsevier
Library of Congress subject classification: H Social Sciences > H Social Sciences (General)
Sets: Departments > Social Policy
Research centres and groups > LSE Health
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 22 Jul 2008 08:18
URL: http://eprints.lse.ac.uk/19717/

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