CUED Publications database

The price of pain and the value of suffering.

Vlaev, I and Seymour, B and Dolan, RJ and Chater, N (2009) The price of pain and the value of suffering. Psychol Sci, 20. pp. 309-317.

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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: Article
Uncontrolled Keywords: Humans Pain Socioeconomic Factors Stress, Psychological
Divisions: Div F > Computational and Biological Learning
Depositing User: Cron Job
Date Deposited: 17 Jul 2017 19:19
Last Modified: 17 May 2018 07:34