Economics at your fingertips  

Prospect theory in the health domain: A quantitative assessment

Arthur Attema, Werner Brouwer () and l’Haridon, Olivier
Authors registered in the RePEc Author Service: Olivier L'Haridon

Journal of Health Economics, 2013, vol. 32, issue 6, 1057-1065

Abstract: It is well-known that expected utility (EU) has empirical deficiencies. Cumulative prospect theory (CPT) has developed as an alternative with more descriptive validity. However, CPT's full function had not yet been quantified in the health domain. This paper is therefore the first to simultaneously measure utility of life duration, probability weighting, and loss aversion in this domain.

Keywords: Loss aversion; Cumulative prospect theory; QALY model; Utility of life duration (search for similar items in EconPapers)
JEL-codes: B41 D03 I10 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (19) Track citations by RSS feed

Downloads: (external link)
Full text for ScienceDirect subscribers only

Related works:
Working Paper: Prospect theory in the health domain: A quantitative assessment (2013) Downloads
Working Paper: Prospect theory in the health domain: a quantitative assessment (2013) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

DOI: 10.1016/j.jhealeco.2013.08.006

Access Statistics for this article

Journal of Health Economics is currently edited by J. P. Newhouse, A. J. Culyer, R. Frank, K. Claxton and T. McGuire

More articles in Journal of Health Economics from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().

Page updated 2020-03-29
Handle: RePEc:eee:jhecon:v:32:y:2013:i:6:p:1057-1065