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Related Experiment Videos

Values and preferences are not necessarily the same

A Shiell1, P Hawe, J Seymour

  • 1Centre for Health Economics Research and Evaluation, University of Sydney, Australia.

Health Economics
|November 14, 1997
PubMed
Summary
This summary is machine-generated.

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Economic theory conflates preferences and values, but fundamental values like health require clarification before elicitation. This distinction impacts health state valuation methods.

Area of Science:

  • Health Economics
  • Decision Science
  • Behavioral Economics

Background:

  • Economic models often assume preferences are stable, complete, and directly elicitable.
  • A gap exists in distinguishing fundamental values from general preferences in economic theory.

Purpose of the Study:

  • To differentiate between fundamental values (e.g., health) and preferences within economic frameworks.
  • To explore the implications of this distinction for health state valuation.

Main Methods:

  • Conceptual analysis of economic theory regarding preferences and values.
  • Argumentation based on the nature of fundamental values requiring construction.

Main Results:

  • Argues that fundamental values, such as those for health, are less differentiated than preferences.

Related Experiment Videos

  • Contends that eliciting values requires construction and clarification, unlike simple preference elicitation.

    • Conclusions:

    • Health values are distinct from preferences and necessitate specific elicitation approaches.
    • Current health state valuation methods may need refinement to account for the constructed nature of health values.