A direct method for measuring discounting and QALYs more easily and reliably.
Time discounting and quality of life are two important factors in evaluations of medical interventions. The measurement of these two factors is complicated because they interact. Existing methods either simply assume one factor given, based on heuristic assumptions, or invoke complicating extraneous factors, such as risk, that generate extra biases. The authors introduce a method for measuring discounting (and then quality of life) that involves no extraneous factors and that avoids distorting interactions. Their method is considerably simpler and more realistic for subjects than existing methods. It is entirely choice based and thus can be founded on economic rationality requirements. An experiment demonstrates the feasibility of this method and its advantages over classical methods.
iBMG/iMTA (AEA, HB) Erasmus University, Rotterdam, the Netherlands.
Arthur E
AE
Attema
iBMG/iMTA (AEA, HB) Erasmus University, Rotterdam, the Netherlands.|Department of Economics (HB, PPW) Erasmus University, Rotterdam, the Netherlands.
Han
H
Bleichrodt
Department of Economics (HB, PPW) Erasmus University, Rotterdam, the Netherlands.
Peter P
PP
Wakker
D000328:Adult; D003362:Cost-Benefit Analysis; D003657:Decision Making; D005260:Female; D006801:Humans; D008297:Male; D057240:Patient Preference; D011788:Quality of Life; D019057:Quality-Adjusted Life Years; D015203:Reproducibility of Results; D018570:Risk Assessment; D013997:Time Factors; D026712:Value of Life