An elicitation of utility for quality of life under prospect theory

作者：Attema Arthur E^*; Brouwer Werner B F; l'Haridon Olivier; Luis Pinto Jose

来源：Journal of Health Economics, 2016, 48: 121-134.

DOI：10.1016/j.jhealeco.2016.04.002

• Certainty equivalences
• Loss aversion
• Prospect theory
• QALYs
• Utility function

This paper performs several tests of decision analysis applied to the health domain. First, we conduct a test of the normative expected utility theory. Second, we investigate the possibility to elicit the more general prospect theory. We observe risk aversion for gains and losses and violations of expected utility. These results imply that mechanisms governing decisions in the health domain are similar to those in the monetary domain. However, we also report one important deviation: utility is universally concave for the health outcomes used in this study, in contrast to the commonly found S-shaped utility for monetary outcomes, with concave utility for gains and convex utility for losses.

• 出版日期2016-7