-TIME PREFERENCE AND INDIVIDUAL HEALTH PROFILES

Ana M. Guerrero and Carmen Herrero ()
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Ana M. Guerrero: Universidad Carlos III de Madrid

Working Papers. Serie AD from Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie)

Abstract: A generalization of the QALY model for general health profiles is provided in this paper. Twonatural assumptions on inter-temporal preferences play a key role in arriving at our representation.The first one, Indifference to the future afterdeath, is uncontestable in our framework, and thesecond one, Preference Independence of future with regard to the past, is weaker than the usualAdditive Independence or Mutual Utility Independence conditions traditionally employed. Thesemi-separable structure obtained for the utility function on health profiles is very similar to thediscounted QALY, but unlike it, endogenous discount rates, depending on past states of health,now emerge.

Keywords: Health problems; Time preferences; Preference Independence (search for similar items in EconPapers)
Pages: 18 pages
Date: 1999-10
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