Related Experiment Video
Updated: Jun 1, 2025

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Developing an Australian Value Set for the Recovering Quality of Life-Utility Index Instrument Using Discrete Choice
Thao Thai1, Lidia Engel1, Jemimah Ride1
1Monash University Health Economics Group, School of Public Health and Preventive Medicine, Monash University, Melbourne, Victoria, Australia.
Objectives:
The Recovering Quality of Life-Utility Index (ReQoL-UI) instrument was designed to measure the quality-of-life outcomes for people older than 16 years with mental health problems. We aimed to elicit societal preferences for the ReQoL-UI health states to facilitate better decision making in Australia.
Methods:
A discrete choice experiment with duration was embedded in a self-completed online survey and administered to a representative sample (n = 1019) of the Australian adult population aged 18 years and older stratified by age, sex, and geographic location. A partial subset design discrete choice experiment was used with 3 fixed attributes and 5 varying attributes, containing 240 choice tasks that were divided into 20 blocks so that each respondent was assigned a block of 12 choice tasks. The value set was modeled using the conditional logit model with utility decrements directly anchored on the 0 to 1 dead-full health scale. Preference heterogeneity was tested using a mixed logit model.
Results:
The final value set reflects the monotonic nature of the ReQoL-UI descriptive systems where the best health state defined by the descriptive system has a value of 1 and the worst state has a value of -0.585. The most important dimension was physical health problems, whereas the least important attribute was self-perception. Sensitivity and preference heterogeneity analyses revealed the stability of the value set.
Conclusions:
The value set, which reflects the preferences of the Australian population, facilitates the calculation of an index for quality-adjusted life-years in mental health intervention cost-utility analyses.
Related Concept Videos
Decision Making: P-value Method
First, a specific claim about the population parameter is proposed. The claim is based on the research question and is stated in a simple form. Further, an opposing statement to the claim is also stated. These statements can act as null and alternative hypotheses: a null hypothesis would be a neutral statement while the alternative hypothesis can...
Survival Curves
The Kaplan-Meier estimator is the most common method for constructing survival curves. This...
Assumptions of Survival Analysis
Applications of Life Tables
Introduction To Survival Analysis
The primary goal of survival analysis is to estimate survival time—the time...
Social Exchange Theory

