Values, Utilities, HYEs, and QALYs
AbstractThis paper demonstrates that the HYE procedure yields health status values, not utilities as its creators claim. The difference between results from HYEs and the TTO technique is merely a product of the Standard Gamble/Certainty Equivalence disparity noted elsewhere in the literature. If utility is the unit with which treatments or health profiles are to be compared, then, it is argued, a scenario specific SG should be employed. In theory, this would yield utilities without making the restrictive assumptions of utility independence between health status and the restrictive assumptions of utility independence between helath status and duration, and the linearity of utility with respect to time, which must be made with respect to QALYs.
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Bibliographic InfoPaper provided by Centre for Research into Industry, Enterprise, Finance and the Firm in its series CRIEFF Discussion Papers with number 9423.
Date of creation: Oct 1994
Date of revision:
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utility; value; healthy-years-equivalent; QALY;
Find related papers by JEL classification:
- I1 - Health, Education, and Welfare - - Health
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
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