CHARACTERIZING QALYS UNDER A GENERAL RANK DEPENDENT UTILITY MODEL

Authors
BLEICHRODT H QUIGGIN J
Citation
H. Bleichrodt et J. Quiggin, CHARACTERIZING QALYS UNDER A GENERAL RANK DEPENDENT UTILITY MODEL, Journal of risk and uncertainty, 15(2), 1997, pp. 151-165
Citations number
21
Categorie Soggetti
Economics,"Business Finance
Journal title
Journal of risk and uncertainty → ACNP
ISSN journal
08955646
Volume
15
Issue
2
Year of publication
1997
Pages
151 - 165
Database
ISI
SICI code
0895-5646(1997)15:2<151:CQUAGR>2.0.ZU;2-G
Abstract
This paper provides a characterization of QALYs, the most important ou tcome measure in medical decision making, in the context of a general rank dependent utility model. We show that both for chronic and for no nchronic health states the characterization of QALYs depends on intuit ive conditions. This facilitates the assessment of the validity of QAL Ys in rank dependent non-expected utility theories and a comparison wi th other utility based measures of health.