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| Author: | Dolan, P. Kahneman, D. |
| Title: | Interpretations of utility and their implications for the valuation of health |
| Journal: | Economic Journal
2008 : JAN, VOL. 118:525, p. 215-234 |
| Index terms: | utility theory health valuation |
| Language: | eng |
| Abstract: | The term 'utility' can be interpreted in terms of 1. the hedonic experience of an outcome (experienced utility) or 2. the preference or desire for that outcome (decision utility). The 2nd is at the heart of the methods developed by economists to value non-market goods, e.g. health. It is argued that 2. is unlikely to generate meaningful data on the utility associated with different experiences. Instead, economists should look towards developing measures focusing more directly on 1. |
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