The correction of TTO-scores for utility curvature using a risk-free utility elicitation method
Journal of Health Economics , Volume 28 - Issue 1 p. 234- 243
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.