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Related Experiment Videos

Time preference, duration and health state valuations

P Dolan1, C Gudex

  • 1Department of Economics, University of Newcastle Upon Tyne, UK.

Health Economics
|July 1, 1995
PubMed
Summary

This pilot study explored how health state perception changes with duration using the Time Trade-Off (TTO) method. Findings suggest time preference rates are near zero, but negative rates and counter-intuitive valuations for short durations question TTO feasibility for temporary health states.

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Area of Science:

  • Health Economics
  • Decision Analysis
  • Psychometrics

Background:

  • Assessing health status and individual preferences for health states is crucial.
  • The impact of duration on the perceived value of health states requires further investigation.
  • Existing methods struggle to disentangle duration effects from time preference.

Purpose of the Study:

  • To pilot the Time Trade-Off (TTO) method for isolating pure time preference from duration effects.
  • To investigate the feasibility of using TTO for valuing temporary health states.
  • To examine how perceived health state values change across different durations.

Main Methods:

  • Conducted interviews with 39 general population members.
  • Utilized the Time Trade-Off (TTO) method to elicit preferences.

Related Experiment Videos

  • Rated 5 distinct health states across durations of one month, one year, and ten years.

    • Main Results:

    • Aggregate time preference rates were close to zero, supporting TTO's assumption.
    • A majority of respondents exhibited negative time preference rates, challenging discounted utility theory.
    • Implied valuations for short-duration health states were often counter-intuitive.

    Conclusions:

    • The TTO method's assumption of zero time discounting may be valid.
    • Negative time preferences observed cast doubt on discounted utility axioms.
    • The TTO method's feasibility for measuring preferences for temporary health states is questionable due to counter-intuitive valuations.