Correcting biases in standard gamble and time tradeoff utilities

Medical Decision Making

Volumn 24, Issue 5, 2004, Pages 511-517

  Van Osch, Sylvie M C ^a   Wakker, Peter P ^b   Van Den Hout, Wilbert B ^a   Stiggelbout, Anne M ^a  

^a LEIDEN UNIVERSITY MEDICAL CENTER   (Netherlands)

^b UNIVERSITY OF AMSTERDAM   (Netherlands)

Author keywords

Bias; Loss aversion; Probability weighting; Utility assessment; Utility curvature

Indexed keywords

ARTICLE; CLINICAL ARTICLE; HEALTH STATUS; HUMAN; MEASUREMENT; METHODOLOGY; PROBABILITY; RHEUMATOID ARTHRITIS; STANDARD GAMBLE; TIME TRADEOFF;

ARTHRITIS, RHEUMATOID; BIAS (EPIDEMIOLOGY); CHOICE BEHAVIOR; GAMBLING; HEALTH STATUS INDICATORS; HUMANS; LIFE EXPECTANCY; MODELS, STATISTICAL; PATIENT ACCEPTANCE OF HEALTH CARE; PROBABILITY; QUALITY-ADJUSTED LIFE YEARS; REPRODUCIBILITY OF RESULTS; RISK ASSESSMENT; RISK-TAKING;

EID: 4544367771     PISSN: 0272989X     EISSN: None     Source Type: Journal    
DOI: 10.1177/0272989X04268955     Document Type: Article

References (27)

1. Drummond MF, Stoddart GL, Torrance GW. Methods for the Economic Evaluation of Health Care Programmes. 2nd ed. New York: Oxford University Press; 1999.
2. Sox HC, Blatt MA, Higgins MC, Marton KI. Medical Decision Making. Stoneham (MA): Butterworth-Heinemann; 1988.
3. Torrance GW, Thomas WH, Sackett DL. A utility maximization model for evaluation of health care programs. Health Serv Res. 1972;7:118-33.
4. Bleichrodt H. A new explanation for the difference between time trade-off utilities and standard gamble utilities. Health Econ. 2002;11(5):447-56.
5. Delquie P. Inconsistent trade-offs between attributes: new evidence in preference assessment biases. Manage Sci. 1993;39(11): 1382-95.
6. Hershey JC, Schoemaker PJH. Probability versus certainty equivalence methods in utility measurement: are they equivalent? Manage Sci. 1985;31:1213-31.
7. Miyamoto J, Eraker SA. Parameter estimates for a QALY utility model. Med Decis Making. 1985;5(2):191-213.
8. Stiggelbout AM, Kiebert GM, Kievit J, Leer JWH, Habbema JDF, de Haes JCJM. The utility of the time trade-off method in cancer patients: feasibility and proportional trade-off. J Clin Epidemiol. 1995;48(10):1207-14.
9. Pliskin JS, Shepard DS, Weinstein MC. Utility functions for life years. Health Status Utility Functions. 1979;207-24.
10. Bleichrodt H, Pinto JL. The validity of QALY's under non-expected utility. Economic J. In press.
11. Abdellaoui M. Parameter-free elicitation of utility and probability weighting functions. Manage Sci. 2000;46(11):1497-512.
12. Bleichrodt H, Pinto JL. A parameter-free elicitation of the probability weighting function. Manage Sci. 2000;46(11):1485-96.
13. Gonzalez R, Wu G. On the shape of the probability weighting function. Cognit Psychol. 1999;38(1):129-66.
14. Tversky A, Kahneman D. Advances in prospect theory: cumulative representation of uncertainty. J Risk Uncertain. 1992;5:297-323.
15. Hershey JC, Schoemaker PJH. Probability versus certainty equivalence methods in utility measurement: are they equivalent? Manage Sci. 1985;31:1213-31.
16. Robinson A, Loomes G, Jones-Lee M. Visual analog scales, standard gambles, and relative risk aversion. Med Decis Making. 2001; 21:17-27.
17. Tversky A, Sattath S, Slovic P. Contingent weighting in judgment and choice. Psychol Rev. 1988;95(3):371-84.
18. Bleichrodt H, Pinto JL. Loss aversion and scale compatibility in two-attribute trade-offs. J Math Psychol. 2002;46(3):315-37.
19. Bleichrodt H, Pinto JL, Wakker PP. Making descriptive use of prospect theory to improve the prescriptive use of expected utility. Manage Sci. 2001;47(11):1498-514.
20. de Jong Z, Munneke M, Zwinderman AH, et al. Is a long-term high-intensity safe in patients with exercise program effective and rheumatoid arthritis? Results of a randomized controlled trial. Arthritis Rheum. 2003;48(9):2415-24.
21. Dolan P. Modeling valuations for EuroQol health states. Med Care. 1997;35:1095-108.
22. Ci3-250. USA: Skim Software. Rotterdam, the Netherlands: Sawtooth Software, Inc.; 2000.
23. Lenert LA, Cher DJ, Goldstein MK, Bergen MR, Garber A. The effect of search procedures on utility elicitations. Med Decis Making. 1998;18(1):76-83.
24. Centraal Bureau voor de Statistiek. Overlevingstafels 2001. 1 June, 2003. Available from: http://www.cbs-nl.
25. Verhoef LCG, de Haan AFD, van Daal WAJ. Risk attitude in gambles with years of life: empirical support for prospect theory. Med Decis Making. 1994;14:194-200.
26. Stiggelbout AM, Kiebert GM, Kievit J, Leer JWH, Stoter G, de Haes JCJM. Utility assessment in cancer patients: adjustment of time trade-off scores for the utility of life years and comparison with standard gamble scores. Med Decis Making. 1994:14:82-90.
27. Bleichrodt H, Pinto JL, Abellan JM. A consistency test of the time trade-off. J Health Econ. 2003;22:1037-52.