Happy and healthy: a joint model of health and life satisfaction
AbstractSubjective well-being has been proposed as an alternative to preference based values of health beneﬁt for use in economic evaluation. We develop a latent factor model of health and well-being in order to compare reported satisfaction with life, satisfaction with health and SF-6D responses. This approach provides a coherent, integrated statistical framework for assessing differences between these outcomes on the same scale. Using panel data from the British Household Panel Survey we ﬁnd that SF-6D and satisfaction with health are inﬂuenced to a similar degree by changes in latent health and satisfaction with life is less responsive. For the average individual, there are no substantial differences in the relative impacts of physical versus mental health conditions between the three measures. These ﬁndings suggest that the differences between experienced and hypothetical values of health and life satisfaction may not lead to substantial differences in the assessment of value from health technologies.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 49766.
Date of creation: 06 Sep 2013
Date of revision:
satisfaction with life; SF-6D; preferences; quality-adjusted life years;
Find related papers by JEL classification:
- I10 - Health, Education, and Welfare - - Health - - - General
- I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-09-28 (All new papers)
- NEP-HAP-2013-09-28 (Economics of Happiness)
- NEP-HEA-2013-09-28 (Health Economics)
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- #HEJC papers for October 2013
by academichealtheconomists in The Academic Health Economists' Blog on 2013-09-30 23:30:26
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