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Interpretations of utility and their implications for the valuation of health

Dolan, Paul and Kahneman, Daniel (2008) Interpretations of utility and their implications for the valuation of health. Economic Journal, 118 (525). pp. 215-234. ISSN 1468-0297

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Abstract

The term utility can be interpreted in terms of the hedonic experience of an outcome (experienced utility) or in terms of the preference or desire for that outcome (decision utility). It is this second interpretation that lies at the heart of the methods that economists have developed to value non-market goods, such as health. In this article, we argue that decision utility is unlikely to generate meaningful data on the utility associated with different experiences, and instead economists should look towards developing measures that focus more directly on experienced utility.

Item Type: Article
Official URL: http://onlinelibrary.wiley.com/journal/10.1111/(IS...
Additional Information: © 2008 John Wiley & Sons, Inc.
Library of Congress subject classification: R Medicine > RA Public aspects of medicine
Sets: Departments > Social Policy
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 15 Feb 2011 09:48
URL: http://eprints.lse.ac.uk/32565/

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