Prospect theory in the health domain: A quantitative assessment
Prospect theory in the health domain: A quantitative assessment
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DOI：
10.1016/j.jhealeco.2013.08.006
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发表时间：
2013-12-01
影响因子：
3.5
通讯作者：
l'Haridon, Olivier
中科院分区：
文献类型：
--
作者：
Attema, Arthur E.;Brouwer, Werner B. F.;l'Haridon, Olivier
众所周知，期望效用(EU)存在经验上的缺陷。累积前景理论(CPT)是一种更具描述性效度的理论。然而，CPT的全部功能在卫生领域尚未被量化。因此，本文首次在这一领域同时测量了寿命、概率权重和损失厌恶的效用。我们观察了收益和损失的损失厌恶和风险厌恶，收益可以用概率悲观来解释。收益的效用几乎是线性的。对于损失，我们发现概率112和凹效用的权重较小。这与货币损失的凸效用的常见发现形成了鲜明对比。然而，CPT被提议用来解释涉及金钱结果的彩票选择。寿命年可以说与货币结果非常不同，不需要为损失产生凸出效用。此外，寿命期的效用反映了贴现，导致了凹形效用。(C)2013爱思唯尔B.V.保留所有权利。
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 simultaneously measure utility of life duration, probability weighting, and loss aversion in this domain.We observe loss aversion and risk aversion for gains and losses, which for gains can be explained by probabilistic pessimism. Utility for gains is almost linear. For losses, we find less weighting of probability 112 and concave utility. This contrasts with the common finding of convex utility for monetary losses. However, CPT was proposed to explain choices among lotteries involving monetary outcomes. Life years are arguably very different from monetary outcomes and need not generate convex utility for losses. Moreover, utility of life duration reflects discounting, causing concave utility. (C) 2013 Elsevier B.V. All rights reserved.