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Trying to estimate a monetary value for qualy

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    Abstract

    In this paper we study the feasibility of estimating a monetary value for a QALY (MVQ). Using two different surveys of the Spanish population (total n=892), we consider whether willingness to pay (WTP) is (approximately) proportional to the health gains measured in QALYs. We also explore whether subjects’ responses are prone to any significant biases. We find that the estimated MVQ varies inversely with the magnitude of health gain. We also find two other (ir)regularities: the existence of ordering effects; and insensitivity of WTP to the duration of the period of payment. Taken together, these effects result in large variations in estimates of the MVQ. If we are ever to obtain consistent and stable estimates, we should try to understand better the sources of variability found in the course of this study.

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    File URL: http://www.centrodeestudiosandaluces.info/PDFS/E200903.pdf
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    Paper provided by Centro de Estudios Andaluces in its series Economic Working Papers at Centro de Estudios Andaluces with number E2009/03.

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    Length: 26 pages
    Date of creation: 2009
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    Handle: RePEc:cea:doctra:e2009_03

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    1. Thomas H. Stevens & Nichole E. DeCoteau & Cleve E. Willis, 1997. "Sensitivity of Contingent Valuation to Alternative Payment Schedules," Land Economics, University of Wisconsin Press, vol. 73(1), pages 140-148.
    2. James K. Hammitt & Kevin Haninger, 2007. "Willingness to Pay for Food Safety: Sensitivity to Duration and Severity of Illness," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(5), pages 1170-1175.
    3. Jennifer Stewart & Eamon O'Shea & Cam Donaldson & Phil Shackley, 2000. "Do Ordering Effects Matter in Willingness-to-pay Studies of Health Care?," Working Papers 0046, National University of Ireland Galway, Department of Economics, revised 2000.
    4. 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.
    5. Karen Blumenschein & GlennC. Blomquist & Magnus Johannesson & Nancy Horn & Patricia Freeman, 2008. "Eliciting Willingness to Pay Without Bias: Evidence from a Field Experiment," Economic Journal, Royal Economic Society, vol. 118(525), pages 114-137, 01.
    6. Dorte Gyrd-Hansen, 2005. "Willingness to Pay for a QALY: Theoretical and Methodological Issues," PharmacoEconomics, Springer Healthcare | Adis, vol. 23(5), pages 423-432.
    7. Andrew H. Briggs & David E. Wonderling & Christopher Z. Mooney, 1997. "Pulling cost-effectiveness analysis up by its bootstraps: A non-parametric approach to confidence interval estimation," Health Economics, John Wiley & Sons, Ltd., vol. 6(4), pages 327-340.
    8. 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.
    9. Joanne Lord & Maxwell A. Asante, 1999. "Estimating uncertainty ranges for costs by the bootstrap procedure combined with probabilistic sensitivity analysis," Health Economics, John Wiley & Sons, Ltd., vol. 8(4), pages 323-333.
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