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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
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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
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jhecon:v:32:y:2013:i:6:p:1057-1065

DOI: 10.1016/j.jhealeco.2013.08.006

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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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