A consistency test of the time trade-off

This paper tests the internal consistency of time trade-off utilities. We find significant violations of consistency in the direction predicted by loss aversion. The violations disappear for higher gauge durations. We show that loss aversion can also explain that for short gauge durations time trade...

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Bibliographic Details
Published in:Journal of health economics 2003-11, Vol.22 (6), p.1037-1052
Main Authors: Bleichrodt, Han, Pinto, Jose Luis, Maria Abellan-Perpiñan, Jose
Format: Article
Language:English
Subjects:
Adult
Algorithms
Anniversaries
Attitude to Health
Back Pain - physiopathology
Back Pain - psychology
Bias
Consistency
Cost effectiveness
Cost-Benefit Analysis
Costs
Cost–utility analysis
Economic models
Economics
Health
Health administration
Health economics
Health Services Research
Health Status
Humans
Loss
Loss aversion
Markov analysis
Psychometrics
Risk aversion
Spain
Surveys and Questionnaires
Time
Time Factors
Time trade-off
Time tradeoff technique
Trade-off
Tradeoff analysis
Utility analysis
Utility functions
Welfare
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Summary:This paper tests the internal consistency of time trade-off utilities. We find significant violations of consistency in the direction predicted by loss aversion. The violations disappear for higher gauge durations. We show that loss aversion can also explain that for short gauge durations time trade-off utilities exceed standard gamble utilities. Our results suggest that time trade-off measurements that use relatively short gauge durations, like the widely used EuroQol algorithm, are affected by loss aversion and lead to utilities that are too high.
ISSN:0167-6296
1879-1646
DOI:10.1016/S0167-6296(03)00046-8