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Related Experiment Video

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Measuring Delay Discounting in Humans Using an Adjusting Amount Task

Measuring Delay Discounting in Humans Using an Adjusting Amount Task

Published on: January 9, 2016

Time preference bias in time trade-off.

Marjon van der Pol¹, Larissa Roux

¹Department of Community Health Sciences, University of Calgary, Canada. m.vanderpol@abdn.ac.uk

The European Journal of Health Economics : HEPAC : Health Economics in Prevention and Care

|September 30, 2009

Summary

Adjusting time trade-off (TTO) values for individual time preferences did not improve consistency. However, using standard discount rates violates the constant proportional trade-off (CPTO) assumption, indicating they should be avoided in economic evaluations.

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Area of Science:

Health Economics
Decision Analysis
Behavioral Economics

Background:

Time trade-off (TTO) is a method for measuring preferences for health states.
Adjusting TTO values for individual time preferences is proposed to improve consistency.
The constant proportional trade-off (CPTO) assumption is a key theoretical underpinning for TTO.

Purpose of the Study:

To assess if TTO values adjusted for individual time preferences are more consistent with stated preferences.
To test the CPTO assumption using both unadjusted and adjusted TTO values.
To evaluate the impact of using individual-specific versus standard discount rates.

Main Methods:

The study involved testing the CPTO assumption.
TTO values were analyzed both unadjusted and adjusted for individual time preferences.
Both individual-specific and standard discount rates were applied.

Main Results:

The mean adjustment factor for time preferences was approximately 0.03.
The CPTO assumption held for both unadjusted and adjusted TTO values.
The CPTO assumption was violated when standard discount rates were used.

Conclusions:

Standard discount rates should be avoided in economic evaluations due to CPTO violation.
Further research is needed to explore time preference bias and other biases in TTO.
The study did not definitively conclude whether adjusted TTO values are more consistent with preferences.