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...

Expected utility theory (EUT) has been challenged as a descriptive theory in many contexts. The medical decision analysis context is not an exception. Several researchers have suggested that rank dependent utility theory (RDUT) may accurately describe how people evaluate alternative medical...

This paper presents a test of the predictive validity of various classes of QALY models (i.e., linear, power and exponential models). We first estimated TTO utilities for 43 EQ-5D chronic health states and next these states were embedded in health profiles. The chronic TTO utilities were then...