Preface -- Acknowledgements -- Assuming rationality -- Challenging rationality -- Describing risky behaviours -- About time -- Experiencing and remembering -- Motivational crowding -- Nudges -- Shoves and budges -- Give and take -- Summing up -- Note on references -- Bibliography -- Index

There have been many tests of the descriptive validity of the axioms of expected utility theory (EU) using money outcomes. Such tests are relatively uncommon with respect to health outcomes. This is unfortunate, because the standard gamble - considered by many health economists to be the gold...

This article reports a study that tests whether the internal consistency of the standard gamble can be improved upon by incorporating loss weighting and probability transformation parameters in the standard gamble valuation procedure. Five alternatives to the standard EU formulation are...

The standard gamble has a firm basis in the theory of risk and, for this reason, is the preferred method of health state value elicitation for many researchers. However, it is widely recognised that the use of immediate death as the failure outcome in the standard gamble renders the method...