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Toward a more universal approach in health valuation

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  • Benjamin M. Craig
  • Jan J. V. Busschbach
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    Abstract

    By polling individual responses to hypothetical scenarios, valuation studies estimate population preferences toward health on a quality-adjusted life year (QALY) scale. The scenarios typically involve trade‐offs in time (time trade‐off (TTO)), risk (standard gamble (SG)), or number of persons affected (person trade‐off (PTO)). This paper revisits the QALY assumptions and provides a coherent health econometric approach that unites TTO, SG, and PTO techniques under a common estimator. The proposed approach avoids the use of ratio statistics in QALY estimation and the common convention of arbitrarily changing trade‐off responses. As an example, 34% of the TTO responses from the seminal Measurement and Valuation of Health study were changed in the original UK analysis, which led to substantially lower QALY estimates. As a general rule, if the original estimate is less than 0.5 QALYs, add 0.25 QALYs to get the new estimates. Copyright (C) 2010 John Wiley & Sons, Ltd.

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    File URL: http://hdl.handle.net/10.1002/hec.1650
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    Bibliographic Info

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

    Volume (Year): 20 (2011)
    Issue (Month): 7 (July)
    Pages: 864-875

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    Handle: RePEc:wly:hlthec:v:20:y:2011:i:7:p:864-875

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

    Related research

    Keywords: QALY ; time trade‐off ; health‐related quality of life ;

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    Cited by:
    1. Méndez, Ildefonso & Abellán Perpiñán, Jose M. & Sánchez Martínez, Fernando I. & Martínez Pérez, Jorge E., 2011. "Inverse probability weighted estimation of social tariffs: An illustration using the SF-6D value sets," Journal of Health Economics, Elsevier, vol. 30(6), pages 1280-1292.
    2. Bansback, Nick & Brazier, John & Tsuchiya, Aki & Anis, Aslam, 2012. "Using a discrete choice experiment to estimate health state utility values," Journal of Health Economics, Elsevier, vol. 31(1), pages 306-318.

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