Afternoon workshop: 13:30 - 17:00
Health state valuation methodology – theoretical underpinnings and empirical challenges
Arthur E. Attema, PhD, Department of Health Economics, Erasmus School of Health Policy & Management, Erasmus University, Rotterdam, The Netherlands
In this pre-conference workshop you will get familiar with three important health state valuation tasks – Standard Gamble, Time Tradeoff and Person Tradeoff – and the theories behind them. To this end, brief introductions to expected utility theory, prospect theory, discounting theory, and social welfare theory will be provided. Furthermore, we will discuss the main empirical challenges of these tasks. In particular, we will explain the influence of discounting, probability weighting, equity weighting and loss aversion, and discuss how we can deal with these confounders. You will get several exercises to practice with the course material.