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Loss Aversion Under Prospect Theory: A Parameter-Free Measurement
We propose a nonparametric method to measure loss aversion in an experimental study without making any parametric assumptions. Expand
A tractable method to measure utility and loss aversion under prospect theory
This paper provides an efficient method to measure utility under prospect theory. Our method minimizes both the number of elicitations required to measure utility and the cognitive burden for… Expand
Income-related inequalities in health: some international comparisons.
- E. van Doorslaer, A. Wagstaff, +13 authors O. Winkelhake
- Geography, Medicine
- Journal of health economics
- 1 February 1997
This paper presents evidence on income-related inequalities in self-assessed health in nine industrialized countries. Health interview survey data were used to construct concentration curves of… Expand
Handbook of Health Economics
textabstractEditors and authors should be complimented for their impressive attempt to provide a fair account of the state-of-the-art in health economics. To review such an extensive work in a short… Expand
A Parameter-Free Elicitation of the Probability Weighting Function in Medical Decision Analysis
An important reason why people violate expected utility theory is probability weighting. Previous studies on the probability weighting function typically assume a specific parametric form, exclude… Expand
A new explanation for the difference between time trade-off utilities and standard gamble utilities.
- H. Bleichrodt
- Economics, Medicine
- Health economics
- 1 July 2002
This paper gives a new explanation for the systematic disparity between standard gamble (SG) utilities and time trade-off (TTO) utilities. The common explanation, which is based on expected utility,… Expand
Life-cycle preferences over consumption and health: when is cost-effectiveness analysis equivalent to cost-benefit analysis?
This paper studies life-cycle preferences over consumption and health status. We show that cost-effectiveness analysis is consistent with cost-benefit analysis if the lifetime utility function is… Expand
Making Descriptive Use of Prospect Theory to Improve the Prescriptive Use of Expected Utility
This paper proposes a quantitative modification of standard utility elicitation procedures, such as the probability and certainty equivalence methods, to correct for commonly observed violations of expected utility by using the quantitative assessments of probability transformation and loss aversion suggested by prospect theory. Expand
Time-Tradeoff Sequences for Analyzing Discounting and Time Inconsistency
We introduce time-tradeoff (TTO) sequences as a new tool to analyze time inconsistency and intertemporal choice. Expand
Standard gamble, time trade-off and rating scale: experimental results on the ranking properties of QALYs.
This paper compares the relative performance of quality adjusted life years (QALYs) based on quality weights elicited by rating scale (RS), time trade-off (TTO) and standard gamble (SG). The standard… Expand