Prospect theory in the health domain: A quantitative assessment
Werner Brouwer () and
Authors registered in the RePEc Author Service: Olivier L'Haridon
Journal of Health Economics, 2013, vol. 32, issue 6, 1057-1065
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)
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Working Paper: Prospect theory in the health domain: A quantitative assessment (2013)
Working Paper: Prospect theory in the health domain: a quantitative assessment (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jhecon:v:32:y:2013:i:6:p:1057-1065
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