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The correction of TTO-scores for utility curvature using a risk-free utility elicitation method

Arthur Attema and Werner Brouwer ()

Journal of Health Economics, 2009, vol. 28, issue 1, 234-243

Abstract: This paper describes and employs a new method to correct time tradeoff (TTO)-scores for utility of life duration curvature. In contrast to most previous attempts to do so, it uses a risk-free method that corresponds well to the risk-free properties of the TTO-method. In addition, the method is robust to several biases that occur under methods that incorporate risk. Our results show a significant degree of curvature in utility of life duration and therefore a clear bias in TTO-scores. The risk-free method seems to be useful to correct TTO-scores for this influence and leads to significantly higher quality-adjustment factors.

Keywords: Time; tradeoff; method; Utility; of; life; duration; Risk-free; method; Double; discounting (search for similar items in EconPapers)
Date: 2009
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Journal of Health Economics is currently edited by J. P. Newhouse, A. J. Culyer, R. Frank, K. Claxton and T. McGuire

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Handle: RePEc:eee:jhecon:v:28:y:2009:i:1:p:234-243