For them, it mainly affected specific tasks (valuation and investment choices) but, surprisingly, risk aversion had no effect on investment decision.
The mean duration of the valuation task components of the interview (discrete choice tasks + TTO tasks combined) was 20 min overall.
Building upon earlier experimental work, the CV design used ensures that respondents are fully aware of all impending valuation tasks prior to undertaking any one of those tasks.
According to this account, reversals occur largely because the valuation task endows subject with a gamble, activating loss aversion.
An issue with their adoption is that results may be sensitive to the order in which dimensions of health are presented in the valuation task.
In one, we gave respondents the same valuation task but presented them with an image of one of the following two dollar bills: It takes most people a moment to see that the bill on top is real and that the bill below it is fabricated.
These are often a given in a treatment valuation task.
The difference in scoring range may be explained by differences in reference state for the valuation task and the valuation technique.
Second, ten of the possible 243 health states were presented for the valuation task.
Thus, the valuation task includes a hypothetical trade-off between length and quality of life.
