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Are people consistent when trading time for health?

Olivera, Adam and Wolff, Jonathan (2014) Are people consistent when trading time for health? Economics and Human Biology, 15 . pp. 41-46. ISSN 1570-677X

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Abstract

The conventional, or standard, time trade-off (TTO) procedure, which is used to elicit the values that people place on health states that are in turn required to calculate quality adjusted life-years (QALYs), asks respondents to trade off fewer life years for better health. It is possible to reverse the procedure to ask respondents to trade off less health for more life years. Theoretically, these two procedures should generate the same TTO values for any given health state. This article reports that for health states defined by differing frequencies of migraine attack, the standard TTO gives health state values that are significantly higher than those given by the reverse TTO. The observed systematic procedural invariance, which substantiates some previous findings reported in the literature and is consistent with a loss aversion effect, challenges the validity of the TTO for generating reliable valuations of health states.

Item Type: Article
Official URL: http://www.sciencedirect.com/
Additional Information: © 2014 Elsevier B.V.
Library of Congress subject classification: H Social Sciences > HC Economic History and Conditions
Sets: Departments > Social Policy
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 08 Jul 2014 16:24
URL: http://eprints.lse.ac.uk/57559/

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