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Medical Decision Making
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Health Values and Prospect Theory

A Comment

Diana Stratmann-Schoene, PhD, MSc

Department of Health Economics, University of Ulm, Germany

Thomas Klose, MSc

Department of Health Economics, University of Ulm, Germany, thomas.klose{at}mathematik.uni-ulm.de

In a recent volume of Medical Decision Making, Treadwell and Lenert stated that under prospect theory, community members compared with patients underestimate the utility of health improvements. In this comment, the authors show that this statement holds only for a subset of possible preference functions. Furthermore, the authors provide arguments that, in general, the rater’s current health state is not the appropriate reference level if applying prospect theory to health valuations.

Key Words: prospect theory • health state valuation

Medical Decision Making, Vol. 21, No. 1, 57-59 (2001)
DOI: 10.1177/0272989X0102100107
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