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Valuing Non-Fatal Health Risks: Monetary and Health-Utility Measures

Author

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  • James K. Hammitt

Abstract

Metrics for valuing environmental, health, and safety policies should be consistent with both the preferences of affected individuals and social preferences for distribution of health risks in the population.?Two classes of metrics are widely used: monetary measures (e.g., willingness to pay) and health-utility measures (e.g., quality-adjusted life years (QALYs), disability-adjusted life years (DALYs)), both of which are summed across the population.?Health-utility measures impose more structure than monetary measures, with the result that individuals? preferences often appear inconsistent with these measures; for the same reason, health-utility measures help protect against cognitive errors and other sources of incoherence in valuation.?This paper presents theoretical and empirical evidence comparing these metrics and examining how they co-vary. JEL Codes: D6, I1, Q51.

Suggested Citation

  • James K. Hammitt, 2017. "Valuing Non-Fatal Health Risks: Monetary and Health-Utility Measures," Revue économique, Presses de Sciences-Po, vol. 68(3), pages 335-356.
    • Handle: RePEc:cai:recosp:reco_683_0335
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    Cited by:

    1. James K. Hammitt, 2023. "Consistent valuation of a reduction in mortality risk using values per life, life year, and quality‐adjusted life year," Health Economics, John Wiley & Sons, Ltd., vol. 32(9), pages 1964-1981, September.

    More about this item

    JEL classification:

    • D6 - Microeconomics - - Welfare Economics
    • I1 - Health, Education, and Welfare - - Health
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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