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Willingness to Pay for a Quality-adjusted Life Year

Author

Listed:
  • Richard A. Hirth
  • Michael E. Chernew
  • Edward Miller
  • A. Mark Fendrick
  • William G. Weissert

Abstract

Cost-benefit analysis (CBA) provides a clear decision rule: undertake an intervention if the monetary value of its benefits exceed its costs. However, due to a reluctance to characterize health benefits in monetary terms, users of cost-utility and cost-effectiveness analyses must rely on arbitrary standards (e.g.,

Suggested Citation

  • Richard A. Hirth & Michael E. Chernew & Edward Miller & A. Mark Fendrick & William G. Weissert, 2000. "Willingness to Pay for a Quality-adjusted Life Year," Medical Decision Making, , vol. 20(3), pages 332-342, July.
    • Handle: RePEc:sae:medema:v:20:y:2000:i:3:p:332-342
    DOI: 10.1177/0272989X0002000310
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    References listed on IDEAS

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    2. Marin, Alan & Psacharopoulos, George, 1982. "The Reward for Risk in the Labor Market: Evidence from the United Kingdom and a Reconciliation with Other Studies," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 827-853, August.
    3. Dillingham, Alan E, 1985. "The Influence of Risk Variable Definition on Value-of-Life Estimates," Economic Inquiry, Western Economic Association International, vol. 23(2), pages 277-294, April.
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