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Construction of values refers to the process whereby an individual's preference for a particular health state or more generally, a “good” of any sort, is developed or built (constructed) at the time when that state or good is encountered, either actually or hypothetically. Preference in this context refers to the desirability or undesirability of something, from the subjective perspective of the person assessing or evaluating it. Preferences are the external manifestation of underlying values, and are commonly referred to interchangeably. Value construction occurs in clinical contexts when medical decisions are imminent or in forecasting decision making. In research settings, value construction occurs usually in the consideration of hypothetical choices, such as in preference elicitation surveys or choice experiments. Value construction can be contrasted with ...

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