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Searchers vs surveyors in estimating the monetary value of a QALY: resolving a nasty dilemma for NICE

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  • Baker, Rachel
  • Chilton, Sue
  • Donaldson, Cam
  • Jones-Lee, Michael
  • Lancsar, Emily
  • Mason, Helen
  • Metcalf, Hugh
  • Pennington, Mark
  • Wildman, John

Abstract

Recently, for many health economics researchers, empirical estimation of the monetary valuation of a quality-adjusted life year (QALY) has become an important endeavour. Different philosophical and practical approaches to this have emerged. On the one hand, there is a view that, with health-care budgets set centrally, decision-making bodies within the system can iterate, from observation of a series of previous decisions, towards the value of a QALY, thus searching for such a value. Alternatively, and more consistent with the approach taken in other public sectors, individual members of the public are surveyed with the aim of directly eliciting a preference-based – also known as a willingness-to-pay-based (WTP-based) – value of a QALY. While the former is based on supply-side factors and the latter on demand, both in fact suffer from informational deficiencies. Sole reliance on either would necessitate an acceptance or accommodation of chronic inefficiencies in health-care resource allocation. On the basis of this observation, this paper makes the case that in order to approach optimal decision making in health-care provision, a framework incorporating and thus, to a degree, reconciling these two approaches is to be preferred.

Suggested Citation

  • Baker, Rachel & Chilton, Sue & Donaldson, Cam & Jones-Lee, Michael & Lancsar, Emily & Mason, Helen & Metcalf, Hugh & Pennington, Mark & Wildman, John, 2011. "Searchers vs surveyors in estimating the monetary value of a QALY: resolving a nasty dilemma for NICE," Health Economics, Policy and Law, Cambridge University Press, vol. 6(04), pages 435-447, September.
  • Handle: RePEc:cup:hecopl:v:6:y:2011:i:04:p:435-447_00
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    Cited by:

    1. Ryen, Linda & Svensson, Mikael, 2014. "The Willingness to Pay for a QALY: a Review of the Empirical Literature," Karlstad University Working Papers in Economics 12, Karlstad University, Department of Economics.
    2. Carl Tilling & Marieke Krol & Arthur E. Attema & Aki Tsuchiya & John Brazier & Job Exel & Werner Brouwer, 2016. "Exploring a new method for deriving the monetary value of a QALY," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 17(7), pages 801-809, September.
    3. Robinson, Angela & Gyrd-Hansen, Dorte & Bacon, Philomena & Baker, Rachel & Pennington, Mark & Donaldson, Cam, 2013. "Estimating a WTP-based value of a QALY: The ‘chained’ approach," Social Science & Medicine, Elsevier, vol. 92(C), pages 92-104.

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