It is well-known that expected utility (EU) has empirical deficiencies. Cumulative prospect theory (CPT) has developed as an alternative with more descriptive validity. However, CPT's full function had not yet been quantified in the health domain. This paper is therefore the first to...

Common health state valuation methodology, such as time trade-off (TTO) and standard gamble (SG), is typically applied under several descriptively invalid assumptions, for example assuming linear QALYs or expected utility (EU) theory. Hence, health state valuation exercises may lead to biased...

Common health state valuation methodologies, such as standard gamble (SG) and time trade-off (TTO), typically produce different weights for identical health states. We attempt to alleviate these differences by correcting for confounding influences that are modelled in prospect theory (PT): loss...