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Happy and healthy: a joint model of health and life satisfaction

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  • Hernández-Alava, Mónica
  • Sampson, Christopher
  • Wailoo, Allan

Abstract

Subjective 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 Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 49766.

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Date of creation: 06 Sep 2013
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Handle: RePEc:pra:mprapa:49766

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Keywords: satisfaction with life; SF-6D; preferences; quality-adjusted life years;

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  1. Dolan, Paul & Peasgood, Tessa & White, Mathew, 2008. "Do we really know what makes us happy A review of the economic literature on the factors associated with subjective well-being," Journal of Economic Psychology, Elsevier, Elsevier, vol. 29(1), pages 94-122, February.
  2. Mukuria, Clara & Brazier, John, 2013. "Valuing the EQ-5D and the SF-6D health states using subjective well-being: A secondary analysis of patient data," Social Science & Medicine, Elsevier, Elsevier, vol. 77(C), pages 97-105.
  3. Paul Dolan, 2011. "Thinking about it: thoughts about health and valuing QALYs," Health Economics, John Wiley & Sons, Ltd., vol. 20(12), pages 1407-1416, December.
  4. Carol Graham & Lucas Higuera & Eduardo Lora, 2011. "Which health conditions cause the most unhappiness?," Health Economics, John Wiley & Sons, Ltd., vol. 20(12), pages 1431-1447, December.
  5. Ada Ferrer-i-Carbonell & Paul Frijters, 2004. "How Important is Methodology for the estimates of the determinants of Happiness?," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 114(497), pages 641-659, 07.
  6. Paul Dolan & Henry Lee & Tessa Peasgood, 2012. "Losing Sight of the Wood for the Trees: Some Issues in Describing and Valuing Health, and Another Possible Approach," PharmacoEconomics, Springer Healthcare | Adis, Springer Healthcare | Adis, vol. 30(11), pages 1035-1049.
  7. Brazier, John & Roberts, Jennifer & Deverill, Mark, 2002. "The estimation of a preference-based measure of health from the SF-36," Journal of Health Economics, Elsevier, Elsevier, vol. 21(2), pages 271-292, March.
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  1. #HEJC papers for October 2013
    by academichealtheconomists in The Academic Health Economists' Blog on 2013-09-30 23:30:26

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