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The correction of TTO-scores for utility curvature using a risk-free utility elicitation method
January 2009
January 2009
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Abstract
This paper describes and employs a new method to correct time tradeoff (TTO)-scores
for utility of life duration curvature. In contrast to most previous attempts to do
so, it uses a risk-free method that corresponds well to the risk-free properties of
the TTO-method. In addition, the method is robust to several biases that occur under
methods that incorporate risk. Our results show a significant degree of curvature
in utility of life duration and therefore a clear bias in TTO-scores. The risk-free
method seems to be useful to correct TTO-scores for this influence and leads to significantly
higher quality-adjustment factors.