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Continuous-risk Utility Assessment in Medical Decision Making

Author

Listed:
  • Gordon B. Hazen
  • Wallace J. Hopp
  • James M. Pellissier

Abstract

The authors argue that for risky medical treatment decisions, conventional utility assessment techniques are inadequate due to their emphasis on unrealistic risk magnitudes and sure consequences, leading to assessment questions that are unfamiliar to most patients, have little educational value, and do not reliably extend to the application at hand. As an alternative, medical utility assessments should be performed in a continuous-risk domain with risk levels matching those of the actual decision problem. In support of this position, the authors describe an empirical study that compares the responses of subjects under a conventional assessment protocol with those of subjects under a continuous-risk utility assessment protocol. Prelim inary results show that conventional assessment protocols result in significantly lower esti mates of the degrees of risk aversion compared with a more realistic continuous-risk protocol. Key words: continuous-risk utility assessment; decision making. (Med Decis Making 1991 ;11:294-304)

Suggested Citation

  • Gordon B. Hazen & Wallace J. Hopp & James M. Pellissier, 1991. "Continuous-risk Utility Assessment in Medical Decision Making," Medical Decision Making, , vol. 11(4), pages 294-304, December.
    • Handle: RePEc:sae:medema:v:11:y:1991:i:4:p:294-304
    DOI: 10.1177/0272989X9101100407
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    References listed on IDEAS

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    1. Mark McCord & Richard de Neufville, 1986. ""Lottery Equivalents": Reduction of the Certainty Effect Problem in Utility Assessment," Management Science, INFORMS, vol. 32(1), pages 56-60, January.
    2. Joseph S. Pliskin & Donald S. Shepard & Milton C. Weinstein, 1980. "Utility Functions for Life Years and Health Status," Operations Research, INFORMS, vol. 28(1), pages 206-224, February.
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    Cited by:

    1. Gordon Hazen, 2000. "Preference Factoring for Stochastic Trees," Management Science, INFORMS, vol. 46(3), pages 389-403, March.
    2. A.M. Stiggelbout & G.M. Kiebert & J. Kievit & J.W.H. Leer & G. Stoter & J.C.J.M. De Haes, 1994. "Utility Assessment in Cancer Patients," Medical Decision Making, , vol. 14(1), pages 82-90, February.

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