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Are people consistent when trading time for health?
1Department of Social Policy, London School of Economics, Houghton Street, London WC2A 2AE, UK.
Economics and Human Biology
|June 24, 2014
Summary
The standard time trade-off (TTO) method for valuing health states yields higher results than the reversed TTO. This inconsistency, observed in migraine studies, challenges the reliability of TTO in health economics.
Area of Science:
- Health Economics
- Decision Analysis
- Psychometrics
Background:
- The time trade-off (TTO) is a standard method for valuing health states.
- These valuations are crucial for calculating quality-adjusted life-years (QALYs).
- The TTO procedure involves trading life years for improved health.
Purpose of the Study:
- To compare the standard TTO with a reversed TTO procedure.
- To investigate potential biases in TTO valuations for health states.
- To assess the impact of procedural variations on health state values.
Main Methods:
- Employed a standard TTO procedure where respondents traded life years for better health.
- Utilized a reversed TTO procedure where respondents traded health for more life years.
- Applied both procedures to health states characterized by varying frequencies of migraine attacks.
Main Results:
- The standard TTO consistently yielded significantly higher health state values compared to the reversed TTO.
- This systematic difference was observed for health states associated with different migraine attack frequencies.
- The findings align with previous research suggesting procedural invariance issues in TTO.
Conclusions:
- The observed discrepancy challenges the validity and reliability of the TTO procedure for health state valuation.
- A potential explanation for the observed bias is the loss aversion effect.
- Further research is needed to refine TTO methodologies for accurate QALY calculations.
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