Vlaev, Ivo, Seymour, Ben, Dolan, Raymond and Chater, Nick. (2009) The price of pain and the value of suffering. Psychological Science, Vol.20 (No.3). pp. 309-317. ISSN 0956-7976

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Abstract

Estimating the financial value of pain informs issues as diverse as the market price of analgesics, the cost-effectiveness of clinical treatments, compensation for injury, and the response to public hazards. Such valuations are assumed to reflect a stable trade-off between relief of discomfort and money. Here, using an auction-based health-market experiment, we show that the price people pay for relief of pain is strongly determined by the local context of the market, that is, by recent intensities of pain or immediately disposable income (but not overall wealth). The absence of a stable valuation metric suggests that the dynamic behavior of health markets is not predictable from the static behavior of individuals. We conclude that the results follow the dynamics of habit-formation models of economic theory, and thus, this study provides the first scientific basis for this type of preference modeling.

Item Type:	Journal Article
Subjects:	H Social Sciences > HN Social history and conditions. Social problems. Social reform
Divisions:	Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School
Journal or Publication Title:	Psychological Science
Publisher:	Sage Publications, Inc.
ISSN:	0956-7976
Official Date:	March 2009
Dates:	Date Event March 2009 Published
Volume:	Vol.20
Number:	No.3
Number of Pages:	9
Page Range:	pp. 309-317
Identification Number:	10.1111/j.1467-9280.2009.02304.x
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
URI:	http://wrap.warwick.ac.uk/id/eprint/44452

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