What is time trade-off in health economics?
What is time trade-off in health economics?
The time trade-off (TTO) is a choice-based method of eliciting health state utility, which reflects the length of remaining life expectancy that a person may be prepared to trade-off in order to avoid remaining in a sub-perfect health state.
What is a time to trade-off study?
Time trade-off (TTO) is an established method in health economics to elicit and value individuals’ preferences for different health states. A time trade-off study is a feasible method to elicit patient preferences and value short-term changes in quality of life alongside a clinical trial.
Do time trade-off values fully capture attitudes that are relevant to health related choices?
TTO values were correlated with the attitudes and were found to have a residual impact on the choices. We conclude that although the TTO responses reflect attitudes, these attitudes continue to affect health-related choices.
What is an example of a career trade off?
When looking you for an after-school job, you might have to make a trade-off: a lower hourly wage for a more convenient location, for example. There are all kinds of trade-offs: one trade-off might be buying a new laptop that’s very lightweight and portable but doesn’t have as much memory as you wish it had.
What do you mean by trade off?
Definition of trade-off 1 : a balancing of factors all of which are not attainable at the same time the education versus experience trade-off which governs personnel practices— H. S. White. 2 : a giving up of one thing in return for another : exchange. Other Words from trade-off Synonyms Learn More About trade-off.
What is the standard gamble method?
The standard gamble is a method that has its theoretical basis in the von Neumann–Morgenstern axioms of expected utility theory. It aims at measuring the ‘disutility’ of a health state by observing the willingness to accept a certain risk of death in order to avoid the state.
What is an example of trade-off in economics?
In economics, a trade-off is defined as an “opportunity cost.” For example, you might take a day off work to go to a concert, gaining the opportunity of seeing your favorite band, while losing a day’s wages as the cost for that opportunity.
What is the time trade off in psychology?
Time Trade-Off The time trade-off (TTO) is a choice-based method of eliciting health state utility, which reflects the length of remaining life expectancy that a person may be prepared to trade-off in order to avoid remaining in a sub-perfect health state.
What is the time trade off (TTO) method?
These values were generated using the Time Trade Off (TTO) method. The values are anchored at 1 (full health) and 0 (dead), as is required in the estimation of Quality Adjusted Life Years (QALYs).
Is the “time trade-off” valid for “QALYs”?
The “Time trade-off” (TTO), is the most widely used method to “quality adjust” life years for “QALYs” in cost utility analysis. In this paper we ask if it is theoretically likely that the TTO is valid for this use. The TTO consists in a trade off between longevity and quality of life.
Is a new TTO approach feasible in health economics?
In a forthcoming article in Health Economics, Nancy Devlin and her co-authors report on initial efforts to refine and test the feasibility of a new TTO approach and to explore the characteristics of the valuation data it generates.
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