A comparison of individual and collective decision making for standard gamble and time trade-off

Arthur Attema, Han Bleichrodt, Olivier L’haridon () and Stefan Lipman ()
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Olivier L’haridon: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Stefan Lipman: Erasmus School of Health Policy and Management |Rotterdam]
Authors registered in the RePEc Author Service: Olivier L'Haridon

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Abstract: Quality-Adjusted Life-Years (QALYs) are typically derived from individual preferences over health episodes. This paper reports the first experimental investigation into the effects of collective decision making on health valuations, using both time trade-off (TTO) and standard gamble (SG) tasks. We investigated collective decision making in dyads, by means of a mixed-subjects design where we control for learning effects. Our data suggest that collective decision making has little effect on decision quality, as no effects were observed on decision consistency and monotonicity for both methods. Furthermore, QALY weights remained similar between individual and collective decisions, and the typical difference in elicited weights between TTO and SG was not affected. These findings suggest that consulting with others has little effect on health state valuation, although learning may have. Additionally, our findings add to the literature of the effect of collective decision making, suggesting that no such effect occurs for TTO and SG.

Keywords: Health state valuation; collective decision making; standard gamble; time trade-off (search for similar items in EconPapers)
Date: 2020-01-04
New Economics Papers: this item is included in nep-hea and nep-neu
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-02435045
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Citations: View citations in EconPapers (3)

Published in European Journal of Health Economics, 2020, 21 (3), pp.465-473. ⟨10.1007/s10198-019-01155-x⟩

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Journal Article: A comparison of individual and collective decision making for standard gamble and time trade-off (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-02435045

DOI: 10.1007/s10198-019-01155-x

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