Question 3: What is meant by ‘standard gamble’ in this context? What problems may arise in using such a measure?
A standard gamble is a way of measuring and valuing utility. Respondents are presented with a range of scenarios with assigned probabilities. Would you have a medical procedure for your psoriasis with a given probability of cure, the alternative being death? The probabilities are varied until respondents accept the treatment and this gives a mortality weight to the quality of life.
Problems are that many respondents find this difficult to understand and it can produce ‘illogical’ answers (e.g. people choosing certain death for treatment for a minor illness).
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