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A consistency test of the time trade-off
Han Bleichrodt1, Jose Luis Pinto, Jose Maria Abellan-Perpiñan
1iMTA/iBMG, Erasmus University, P.O. Box 1738, 3000 DR, Rotterdam, The Netherlands. bleichrodt@bmg.eur.nl
Journal of Health Economics
|November 8, 2003
Summary
This study reveals that time trade-off utility measurements, especially those using short durations like the EuroQol algorithm, are influenced by loss aversion, leading to inflated utility values.
Area of Science:
- Health Economics
- Decision Analysis
- Psychophysics
Background:
- Time trade-off (TTO) is a common method for measuring health utilities.
- Internal consistency of TTO utilities is crucial for reliable health economic evaluations.
- Previous research has not fully explored the impact of psychological biases on TTO measurements.
Purpose of the Study:
- To test the internal consistency of time trade-off utilities.
- To investigate the influence of loss aversion on TTO measurements.
- To examine how gauge duration affects TTO utility consistency.
Main Methods:
- Participants completed TTO tasks with varying gauge durations.
- Statistical analyses were performed to detect violations of internal consistency.
- Comparisons were made between TTO utilities and standard gamble utilities.
Main Results:
- Significant violations of internal consistency were found in TTO utilities, consistent with loss aversion predictions.
- These violations diminished with longer gauge durations.
- For short gauge durations, TTO utilities were higher than standard gamble utilities, explained by loss aversion.
Conclusions:
- Time trade-off utility measurements using short gauge durations are susceptible to loss aversion.
- The widely used EuroQol algorithm may produce overestimated health utilities due to this bias.
- Recommendations for TTO measurement protocols should consider the impact of loss aversion and gauge duration.
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