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Related Experiment Videos

Visual analog scales, standard gambles, and relative risk aversion.

A Robinson1, G Loomes, M Jones-Lee

  • 1Department of Epidemiology and Public Health, University of Newcastle, Newcastle Upon Tyne, United Kingdom. angela.robinson@ncl.ac.uk

Medical Decision Making : an International Journal of the Society for Medical Decision Making
|February 24, 2001
PubMed
Summary
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Visual analog scales (VASs) may be influenced by context, questioning their ability to measure value functions. Correcting VAS scores using the range-frequency model did not establish a stable link to standard gamble utilities.

Area of Science:

  • Decision analysis
  • Psychophysics
  • Behavioral economics

Background:

  • Visual analog scales (VASs) are theorized to measure individual value functions.
  • A potential link exists between VAS scores and von Neumann-Morgenstern utility functions.
  • Contextual effects on VAS scores challenge their validity in reflecting true value functions.

Purpose of the Study:

  • To investigate the impact of context on VAS and standard gamble (SG) scores.
  • To evaluate the range-frequency (R-F) model's potential for correcting context-dependent VAS scores.
  • To determine if corrected VAS scores correlate with SG utilities.

Main Methods:

  • Empirical testing of VAS and SG scores under varying contextual conditions.
  • Application of the range-frequency (R-F) model to adjust VAS scores.

Related Experiment Videos

  • Statistical analysis to assess the relationship between corrected VAS scores and SG utilities.

    • Main Results:

    • Contextual factors significantly influence VAS scores.
    • The range-frequency (R-F) model offers a potential method for context correction of VAS scores.
    • No consistent relationship was found between context-corrected VAS scores and SG utilities.

    Conclusions:

    • While the R-F model may adjust for context, it does not yield stable SG utilities.
    • The theoretical justification for transforming VAS scores into SG utilities remains unsupported.
    • Further research is needed to validate utility measurement methods.