Further evidence of preference reversals: choice, valuation and ranking over distributions of life expectancy.
Moving between choice and direct valuation procedures can cause substantial, systematic preference reversals, which is problematic because it leaves us unsure as to which procedure (if any) is 'best'. This article reports a study that tests whether using a ranking procedure to infer values rather than more conventional direct valuation can negate this phenomenon. The results suggest that the ranking procedure can render strict preference reversals both less substantial and less systematic. This could have important implications for the valuation of health outcomes, and in attempting to ascertain whether choice, valuation or ranking best uncovers people's preferences, similar tests in the context of more realistic health outcome descriptions are recommended.
Oliver
Adam
A
LSE Health and Social Care, Department of Social Policy, London School of Economics and Political Science, Houghton Street, London WC2A 2AE, UK. a.j.oliver@lse.ac.uk <a.j.oliver@lse.ac.uk>
D000293:Adolescent; D000328:Adult; D000368:Aged; D002755:Choice Behavior; D006801:Humans; D008017:Life Expectancy; D008131:London; D008875:Middle Aged; D011795:Surveys and Questionnaires; D006113:United Kingdom