Developments in time preference and their implications for medical decision making

The field of time preference is developing rapidly. It concerns important concepts for many economic issues. One important domain of application is health economics. This paper reviews several empirical and theoretical developments for time preference with special attention to the health economics f...

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Bibliographic Details
Published in:The Journal of the Operational Research Society 2012-10, Vol.63 (10), p.1388-1399
Main Author: Attema, A E
Format: Article
Language:English
Subjects:
Addictive behaviors
Applied sciences
behaviour
Biological and medical sciences
Business and Management
Computerized, statistical medical data processing and models in biomedicine
Curvature
decision analysis
Decision making
Decision theory. Utility theory
Discount rates
Discounting
Economic models
Economics
Exact sciences and technology
Expected utility
Experimental psychology
General aspects
General Paper
General Papers
Health care economics
Health care policy
Health outcomes
Management
Management science
Medical management aid. Diagnosis aid
Medical sciences
Medical screening
medicine
methodology
Normativity
Operational research and scientific management
Operational research. Management science
Operations research
Operations Research/Decision Theory
Preferences
Public health. Hygiene
Public health. Hygiene-occupational medicine
Social services (in france and for the french living abroad)
time preference
Utility functions
Violations
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Summary:The field of time preference is developing rapidly. It concerns important concepts for many economic issues. One important domain of application is health economics. This paper reviews several empirical and theoretical developments for time preference with special attention to the health economics field. In addition, the implications for medical decision making, long-term health-care planning and health economic evaluation are discussed. Recognition of this empirical evidence in health-care policy making is recommended, as well as a more transparent process of the framing and analysis of, and deliberation on, public policy.
ISSN:0160-5682
1476-9360
DOI:10.1057/jors.2011.137