Time preference, the discounted utility model and health.

  title={Time preference, the discounted utility model and health.},
  author={Han Bleichrodt and Amiram Gafni},
  journal={Journal of health economics},
  volume={15 1},
The constant rate discounted utility model is commonly used to represent intertemporal preferences in health care program evaluations. This paper examines the appropriateness of this model, and argues that the model fails both normatively and descriptively as a representation of individual intertemporal preferences for health outcomes. Variable rate discounted utility models are more flexible, but still require restrictive assumptions and may lead to dynamically inconsistent behaviour. The… CONTINUE READING

From This Paper

Topics from this paper.
21 Citations
27 References
Similar Papers


Publications citing this paper.
Showing 1-10 of 21 extracted citations


Publications referenced by this paper.
Showing 1-10 of 27 references

Positive time preference, Journal of Political Economy

  • M. Olson, M. J. Bailey
  • Journal of Political Economy
  • 1981
Highly Influential
6 Excerpts

Anticipation and the value of delayed consumption

  • G. 233-253. Loewenstein
  • Economic Journal
  • 1987
Highly Influential
8 Excerpts

Do workers prefer increasing wage profiles

  • H. Bleichrodt, A. Gafni
  • Journal of Health Economics
  • 1996

Additive conjoint measurement for multiattribute utility

  • A. Maas, P.P
  • Wakker,
  • 1994

The reasonableness of non - constant discounting

  • N. E. Jensen
  • Journal of Public Economics
  • 1994

Valuing future benefits

  • G. M. Constantinides
  • Health Economics
  • 1994

Similar Papers

Loading similar papers…