A theoretical framework for TTO valuations of health

Ken Buckingham and Nancy Devlin ()

Health Economics, 2006, vol. 15, issue 10, 1149-1154

Abstract: This paper proposes a theoretical framework, drawing on Hicks utility theory, for the Time Trade‐off (TTO) method conventionally used to value health states. We briefly describe that theory and posit four distinctive TTO valuation approaches suggested by it: each of compensating variation and equivalent variation for both gains and losses in health, with valuation of health states in each case derived from trade‐offs between health and length of life. Recent developments and research on TTO valuation are placed in the context of this framework. Copyright © 2006 John Wiley & Sons, Ltd.

Date: 2006
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https://doi.org/10.1002/hec.1122

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Persistent link: https://EconPapers.repec.org/RePEc:wly:hlthec:v:15:y:2006:i:10:p:1149-1154

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