Debiasing eq-5d tariffs. New estimations of the Spanish EQ-5D value set under nonexpected utility.
- Abellán Perpiñán, José María
- Sánchez Martínez, Fernando Ignacio
- Martínez Pérez, Jorge-Eduardo
- Méndez Martínez, Ildefonso
Publisher: [s.n.:s.l.]
Year of publication: 2010
Pages: 33
Congress: Encuentro de Economía Pública (17. 2010. Murcia)
Type: Conference paper
Abstract
In this paper we focus on the important issue of the validity of EQ-5D tariffs. Specifically, we present two new estimations of the Spanish EQ-5D tariff, which try to account for two biases, utility curvature of life duration and probability weighting. Our results reveal that it is possible to remove biases from EQ-5D algorithms in an efficient way (i.e., without inconsistencies at aggregate level and with a goodness of fit fairly similar to comparable tariffs). Although our scoring algorithms are derived from Spanish preferences, the methodology applied can be used to estimate new national tariffs in other countries. New directions for future research are discussed.