Quality-Adjusted Life Years (QALY) Utility Models under Expected Utility and Rank Dependent Utility Assumptions

Quality-Adjusted Life Years (QALY) Utility Models under Expected Utility and Rank Dependent Utility Assumptions.

Quality-adjusted life years (QALY) utility models are multiattribute utility models of survival duration and health quality. This paper formulates six classes of QALY utility models and axiomatizes these models under expected utility (EU) and rank-dependent utility (RDU) assumptions. The QALY models investigated in this paper include the standard linear QALY model, the power and exponential mul...

Utility Assessment under Expected Utility and Rank Dependent Utility Assumptions

Two-parameter Decision Models and Rank- Dependent Expected Utility

Utility and quality-adjusted life-years in coronary artery disease

OBJECTIVES This study evaluated the utility and quality-of-life year measurements for patients with coronary artery disease who underwent any of 3 therapeutic strategies with a 5-year follow-up. METHODS Quality-of-life data were obtained from the Medicine, Angioplasty, or Surgery Study II trial. To obtain utilities, the 36-Item Short-Form questionnaire was converted to a 6-Dimensional Health ...

Calibration results for rank−dependent expected utility

If its utility function is everywhere increasing and concave, rank−dependent expected utility shares a troubling property with expected utility −− aversion to the same moderate−stakes risk at every wealth level implies an extreme aversion to large−stakes risks. In fact, the problem may be even worse for rank−dependent expected utility, since the moderate−stakes risk need not be actuarially fair...