Measuring the value of life: exploring a new method for deriving the monetary value of a QALY
AbstractIn this paper we present an alternative approach to estimating the monetary value of a QALY (MVQ), which is based upon a time trade off (TTO) exercise of income with health held constant at perfect health. We present the methods and theory underlying this experimental approach and some results from an online feasibility study in the Netherlands.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 29911.
Date of creation: 2009
Date of revision:
QALYs; time trade off; quality of life valuation;
Find related papers by JEL classification:
- I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
- I19 - Health, Education, and Welfare - - Health - - - Other
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Richard Layard & Guy Mayraz & Stephen J. Nickell, 2007.
"The Marginal Utility of Income,"
SOEPpapers on Multidisciplinary Panel Data Research
50, DIW Berlin, The German Socio-Economic Panel (SOEP).
- Richard Layard & Guy Mayraz & Stephen Nickell, 2007. "The Marginal Utility of Income," CEP Discussion Papers dp0784, Centre for Economic Performance, LSE.
- Richard Layard & Guy Mayraz & Stephen J Nickell, 2007. "The marginal utility of income," LSE Research Online Documents on Economics 19745, London School of Economics and Political Science, LSE Library.
- Helen Mason & Michael Jones-Lee & Cam Donaldson, 2009. "Modelling the monetary value of a QALY: a new approach based on UK data," Health Economics, John Wiley & Sons, Ltd., vol. 18(8), pages 933-950.
- Tilling, C & Krol, M & Tsuchiya, A & Brazier, J & van Exel, J & Brouwer, W, 2009. "The impact of losses in income due to ill health: does the EQ-5D reflect lost earnings?," MPRA Paper 29837, University Library of Munich, Germany.
- Stewart, Jennifer M. & O'Shea, Eamon & Donaldson, Cam & Shackley, Phil, 2002.
"Do ordering effects matter in willingness-to-pay studies of health care?,"
Journal of Health Economics,
Elsevier, vol. 21(4), pages 585-599, July.
- 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.
- Johannesson, Magnus & Johansson, Per-Olov, 1995.
"Quality of Life and the WTP for an Increased Life Expectancy at an Advanced Age,"
Working Paper Series in Economics and Finance
85, Stockholm School of Economics.
- Johannesson, Magnus & Johansson, Per-Olov, 1997. "Quality of life and the WTP for an increased life expectancy at an advanced age," Journal of Public Economics, Elsevier, vol. 65(2), pages 219-228, August.
- Franz Hackl & Gerald J. Pruckner, 2005. "Warm glow, free-riding and vehicle neutrality in a health-related contingent valuation study," Health Economics, John Wiley & Sons, Ltd., vol. 14(3), pages 293-306.
- Dorte Gyrd-Hansen, 2003. "Willingness to pay for a QALY," Health Economics, John Wiley & Sons, Ltd., vol. 12(12), pages 1049-1060.
- Bohm, Peter, 1984. "Revealing demand for an actual public good," Journal of Public Economics, Elsevier, vol. 24(2), pages 135-151, July.
- Smith, Richard D. & Richardson, Jeff, 2005. "Can we estimate the `social' value of a QALY?: Four core issues to resolve," Health Policy, Elsevier, vol. 74(1), pages 77-84, September.
- 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.
- Milon, J. Walter, 1989. "Contingent valuation experiments for strategic behavior," Journal of Environmental Economics and Management, Elsevier, vol. 17(3), pages 293-308, November.
- Amos Tversky & Daniel Kahneman, 1979.
"Prospect Theory: An Analysis of Decision under Risk,"
Levine's Working Paper Archive
7656, David K. Levine.
- Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
- Smith, V Kerry & Desvousges, William H, 1987. "An Empirical Analysis of the Economic Value of Risk Changes," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 89-114, February.
- Brubaker, Earl R, 1984. "Demand Disclosures and Conditions on Exclusion: An Experiment," Economic Journal, Royal Economic Society, vol. 94(375), pages 536-53, September.
- Bobinac, Ana & van Exel, N. Job A. & Rutten, Frans F.H. & Brouwer, Werner B.F., 2012. "GET MORE, PAY MORE? An elaborate test of construct validity of willingness to pay per QALY estimates obtained through contingent valuation," Journal of Health Economics, Elsevier, vol. 31(1), pages 158-168.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.