Articles

Prospect theory in the health domain: A quantitative assessment

A. ATTEMA, W. BROUWER, O. L'HARIDON

Journal of Health Economics

December 2013, vol. 32, n°6, pp.1057-1065

Departments: GREGHEC (CNRS)

Keywords: Loss aversion; Cumulative prospect theory; QALY model; Utility of life duration


Highlights: [•] This paper is the first to elicit cumulative prospect theory's parameters in the health domain. [•] We observe risk aversion for both gained and lost life years. [•] For gains, this was attributed to underweighting the probability of the best outcome. [•] For losses, it can be explained by a concave utility function. [•] We also find a significant amount of loss aversion


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