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Measuring the value of life: exploring a new method for deriving the monetary value of a QALY

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  • Tilling, C
  • Krol, M
  • Tsuchiya, A
  • Brazier, J
  • van Exel, J
  • Brouwer, W

Abstract

In 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.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 29911.

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Date of creation: 2009
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Handle: RePEc:pra:mprapa:29911

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Related research

Keywords: QALYs; time trade off; quality of life valuation;

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References

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  1. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  2. Jennifer Stewart & Eamon O'Shea & Cam Donaldson & Phil Shackley, 2000. "Do Ordering Effects Matter in Willingness-to-pay Studies of Health Care?," Working Papers, National University of Ireland Galway, Department of Economics 0046, National University of Ireland Galway, Department of Economics, revised 2000.
  3. Bohm, Peter, 1984. "Revealing demand for an actual public good," Journal of Public Economics, Elsevier, Elsevier, vol. 24(2), pages 135-151, July.
  4. Jose Luis Pinto Prades & Graham Loomes & Raul Brey, 2008. "Trying to estimate a monetary value for the QALY," Working Papers 08.09, Universidad Pablo de Olavide, Department of Economics.
  5. Brubaker, Earl R, 1984. "Demand Disclosures and Conditions on Exclusion: An Experiment," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 94(375), pages 536-53, September.
  6. 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, Elsevier, vol. 65(2), pages 219-228, August.
  7. Milon, J. Walter, 1989. "Contingent valuation experiments for strategic behavior," Journal of Environmental Economics and Management, Elsevier, vol. 17(3), pages 293-308, November.
  8. 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, University of Chicago Press, vol. 95(1), pages 89-114, February.
  9. Richard Layard & Guy Mayraz & Stephen Nickell, 2007. "The Marginal Utility of Income," CEP Discussion Papers dp0784, Centre for Economic Performance, LSE.
  10. 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.
  11. 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.
  12. Dorte Gyrd-Hansen, 2003. "Willingness to pay for a QALY," Health Economics, John Wiley & Sons, Ltd., vol. 12(12), pages 1049-1060.
  13. Smith, Richard D. & Richardson, Jeff, 2005. "Can we estimate the `social' value of a QALY?: Four core issues to resolve," Health Policy, Elsevier, Elsevier, vol. 74(1), pages 77-84, September.
  14. 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.
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Cited by:
  1. 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, Elsevier, vol. 31(1), pages 158-168.

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