Multi-attribute utility function or statistical inference models: a comparison of health state valuation models using...

Area of Science:

• Health economics
• Health state valuation modelling
• Preference-based instruments

Background:

• Choice of functional form is critical in health state valuation.
• Commonly used instruments employ multi-attribute utility theory (MAUT) or statistical analysis.
• No prior comparison existed between these approaches in health economics.

Purpose of the Study:

• To compare MAUT and statistical inference models for health state valuation.
• To evaluate predictive accuracy for the Health Utilities Index Mark 2.

Main Methods:

• Comparative analysis of two distinct functional form approaches.
• Application to the Health Utilities Index Mark 2 instrument.

Main Results:

• The statistical inference model exhibited higher predictive accuracy compared to the MAUT-based model.
• Identified differences in performance between the two modelling approaches.

Conclusions:

• Statistical inference models may offer advantages in health state valuation accuracy.
• Findings necessitate consideration of functional form choice in health economics research.
• Further research is warranted to explore these differences and their implications.