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Differential time preferences for money and quality of life

Parouty, M. B. Y., Le, H., Krooshof, D. & Postma, M. J., Apr-2014, In : Pharmacoeconomics. 32, 4, p. 411-419 9 p.

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Background This study provides an empirical investigation into differential time preferences between money and quality of life. Thus far, time preference investigations in health have mostly involved life-years gained and lives saved. However, the quality-adjusted life-year, which is recommended by several bodies, is a multiplicative measure of life duration and quality of life. To our knowledge, our study is the first to follow this approach specifically for quality of life.

Methods A questionnaire was developed to elicit time preferences for quality of life and for money, and it was distributed to a representative sample of the Dutch population. We also investigated the impact of population characteristics, such as current health state, optimistic/pessimistic future views or gender, on time preferences.

Results We found that discount rates for both money and quality of life decrease with increasing time of delay, with rates of the former being consistently at least two times higher than those of the latter. Similar trends in time preferences were observed across the subgroups, with the exception of the relatively high education subgroup.

Conclusion In agreement with the results of other studies, our empirically derived discount rates are higher than the rates featured in national guidelines for health care economic assessment. Our empirical study adds to the evidence for differential discounting, both with regards to money and health, as well as in time.

Original languageEnglish
Pages (from-to)411-419
Number of pages9
JournalPharmacoeconomics
Volume32
Issue number4
Publication statusPublished - Apr-2014

    Keywords

  • COST-EFFECTIVENESS ANALYSIS, ECONOMIC EVALUATIONS, SAVING LIVES, HEALTH, VACCINATION, VACCINES, CHOICE, RATES

ID: 16139980