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Modelling the monetary value of a QALY: a new approach based on UK data

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Author Info

  • Helen Mason

    (Institute of Health and Society, Newcastle University, Newcastle upon Tyne, UK)

  • Michael Jones-Lee

    (Business School (Economics), Newcastle University, Newcastle upon Tyne, UK)

  • Cam Donaldson
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    Abstract

    Debate about the monetary value of a quality-adjusted life year (QALY) has existed in the health economics literature for some time. More recently, concern about such a value has arisen in UK health policy. This paper reports on an attempt to 'model' a willingness-to-pay-based value of a QALY from the existing value of preventing a statistical fatality (VPF) currently used in UK public sector decision making. Two methods of deriving the value of a QALY from the existing UK VPF are outlined: one conventional and one new. The advantages and disadvantages of each of the approaches are discussed as well as the implications of the results for policy and health economic evaluation methodology. Copyright © 2008 John Wiley & Sons, Ltd.

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    File URL: http://hdl.handle.net/10.1002/hec.1416
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    Bibliographic Info

    Article provided by John Wiley & Sons, Ltd. in its journal Health Economics.

    Volume (Year): 18 (2009)
    Issue (Month): 8 ()
    Pages: 933-950

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    Handle: RePEc:wly:hlthec:v:18:y:2009:i:8:p:933-950

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    Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/5749

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    1. Garber, Alan M. & Phelps, Charles E., 1997. "Economic foundations of cost-effectiveness analysis," Journal of Health Economics, Elsevier, vol. 16(1), pages 1-31, February.
    2. Chilton, Susan, et al, 2002. " Public Perceptions of Risk and Preference-Based Values of Safety," Journal of Risk and Uncertainty, Springer, vol. 25(3), pages 211-32, November.
    3. Bleichrodt, Han & Quiggin, John, 1999. "Life-cycle preferences over consumption and health: when is cost-effectiveness analysis equivalent to cost-benefit analysis?," Journal of Health Economics, Elsevier, vol. 18(6), pages 681-708, December.
    4. Johannesson, Magnus, 1995. "The relationship between cost-effectiveness analysis and cost-benefit analysis," Social Science & Medicine, Elsevier, vol. 41(4), pages 483-489, August.
    5. Rachel Baker & Susan Chilton & Michael Jones-Lee & Hugh Metcalf, 2008. "Valuing lives equally: Defensible premise or unwarranted compromise?," Journal of Risk and Uncertainty, Springer, vol. 36(2), pages 125-138, April.
    6. Dolan, Paul & Edlin, Richard, 2002. "Is it really possible to build a bridge between cost-benefit analysis and cost-effectiveness analysis?," Journal of Health Economics, Elsevier, vol. 21(5), pages 827-843, September.
    7. Dorte Gyrd-Hansen, 2003. "Willingness to pay for a QALY," Health Economics, John Wiley & Sons, Ltd., vol. 12(12), pages 1049-1060.
    8. Jones-Lee, M W & Hammerton, M & Philips, P R, 1985. "The Value of Safety: Results of a National Sample Survey," Economic Journal, Royal Economic Society, vol. 95(377), pages 49-72, March.
    9. Paul Kind & Geoffrey Hardman & Susan Macran, 1999. "UK population norms for EQ-5D," Working Papers 172chedp, Centre for Health Economics, University of York.
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    Citations

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    Cited by:
    1. Martin Weale, 2009. "A Cost-benefit Analysis of Cataract Surgery based on the English Longitudinal Survey of Ageing," NIESR Discussion Papers 349, National Institute of Economic and Social Research.
    2. Hultkrantz, Lars & Svensson, Mikael, 2012. "The value of a statistical life in Sweden: A review of the empirical literature," Health Policy, Elsevier, vol. 108(2), pages 302-310.
    3. Pinto-Prades, Jose Luis & Loomes, Graham & Brey, Raul, 2009. "Trying to estimate a monetary value for the QALY," Journal of Health Economics, Elsevier, vol. 28(3), pages 553-562, May.
    4. Jytte Nielsen & Susan Chilton & Michael Jones-Lee & Hugh Metcalf, 2010. "How would you like your gain in life expectancy to be provided? An experimental approach," Journal of Risk and Uncertainty, Springer, vol. 41(3), pages 195-218, December.
    5. Robinson, Angela & Gyrd-Hansen, Dorte & Bacon, Philomena & Baker, Rachel & Pennington, Mark & Donaldson, Cam, 2013. "Estimating a WTP-based value of a QALY: The ‘chained’ approach," Social Science & Medicine, Elsevier, vol. 92(C), pages 92-104.
    6. Andersson, Henrik & Hammitt, James & Sundström, Kristian, 2011. "Willingness to pay and QALYs: What can we learn about valuing foodborne risk?," TSE Working Papers 11-272, Toulouse School of Economics (TSE).
    7. Svensson, Mikael & Hultkrantz, Lars, 2012. "The Willingness to Pay for a QALY - Results based on value of statistical life estimates in Sweden," Karlstad University Working Papers in Economics 2, Department of Economics, Karlstad University.
    8. Helen Dakin & Nancy Devlin & Yan Feng & Nigel Rice & Phill O’Neill & David Parkin, 2013. "The influence of cost-effectiveness and other factors on NICE decisions," Working Papers 093cherp, Centre for Health Economics, University of York.
    9. Jose Luis Pinto Prades & Fernando Sanchez Martínez & Belen Corbacho, 2011. "Valuing qalys at the end of life," Working Papers 11.15, Universidad Pablo de Olavide, Department of Economics.
    10. Tilling, C & Krol, M & Tsuchiya, A & Brazier, J & van Exel, J & Brouwer, W, 2009. "Measuring the value of life: exploring a new method for deriving the monetary value of a QALY," MPRA Paper 29911, University Library of Munich, Germany.

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