title: A consistency test of the time trade-off.
abstract: This paper tests the internal consistency of time trade-off utilities. We find significant violations of consistency in the direction predicted by loss aversion. The violations disappear for higher gauge durations. We show that loss aversion can also explain that for short gauge durations time trade-off utilities exceed standard gamble utilities. Our results suggest that time trade-off measurements that use relatively short gauge durations, like the widely used EuroQol algorithm, are affected by loss aversion and lead to utilities that are too high.
authors: iMTA/iBMG, Erasmus University, P.O. Box 1738, 3000 DR, Rotterdam, The Netherlands. bleichrodt@bmg.eur.nl
authors: Han
authors: H
authors: Bleichrodt
authors: Jose Luis
authors: JL
authors: Pinto
authors: Jose Maria
authors: JM
authors: Abellan-Perpiñan
mesh_terms: D000328:Adult; D000465:Algorithms; D001294:Attitude to Health; D001416:Back Pain / Q000503:physiopathology / Q000523:psychology*; D015982:Bias; D003362:Cost-Benefit Analysis; D006302:Health Services Research; D006304:Health Status; D006801:Humans; D011594:Psychometrics; D013030:Spain; D011795:Surveys and Questionnaires; D013997:Time Factors