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Medical Decision Making
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Lessons Learned by (from?) an Economist Working in Medical Decision Making

Peter P. Wakker, PhD

Department of Economics, Erasmus University, PO Box 1738, 3000 DR Rotterdam, The Netherlands, Wakker{at}few.eur.nl.

This article is a personal account of the author's experiences as an economist working in medical decision making. He discusses the differences between economic decision theory and medical decision making and gives examples of the mutual benefits resulting from interactions. In particular, he discusses the pros and cons of different methods for measuring quality of life (or, as economists would call it, utility), including the standard gamble, the time tradeoff, and the healthy-years equivalent methods.

Key Words: Key words: risk • time tradeoff • healthy-years equivalent • interdisciplinary work • cost-effectiveness • decision analysis.

This version was published on September 1, 2008

Medical Decision Making, Vol. 28, No. 5, 690-698 (2008)
DOI: 10.1177/0272989X08323916
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