Measuring the value of life: exploring a new method for deriving the monetary value of a QALY
In this paper we present an alternative approach to estimating the monetary value of a QALY (MVQ), which is based upon a time trade off (TTO) exercise of income with health held constant at perfect health. We present the methods and theory underlying this experimental approach and some results from an online feasibility study in the Netherlands.
|Date of creation:||2009|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Milon, J. Walter, 1989. "Contingent valuation experiments for strategic behavior," Journal of Environmental Economics and Management, Elsevier, vol. 17(3), pages 293-308, November.
- Franz Hackl & Gerald J. Pruckner, 2005. "Warm glow, free-riding and vehicle neutrality in a health-related contingent valuation study," Health Economics, John Wiley & Sons, Ltd., vol. 14(3), pages 293-306.
- Stewart, Jennifer M. & O'Shea, Eamon & Donaldson, Cam & Shackley, Phil, 2002.
"Do ordering effects matter in willingness-to-pay studies of health care?,"
Journal of Health Economics,
Elsevier, vol. 21(4), pages 585-599, July.
- Jennifer Stewart & Eamon O'Shea & Cam Donaldson & Phil Shackley, 2000. "Do Ordering Effects Matter in Willingness-to-pay Studies of Health Care?," Working Papers 0046, National University of Ireland Galway, Department of Economics, revised 2000.
- Pinto-Prades, Jose Luis & Loomes, Graham & Brey, Raul, 2009. "Trying to estimate a monetary value for the QALY," Journal of Health Economics, Elsevier, vol. 28(3), pages 553-562, May.
- Layard, R. & Mayraz, G. & Nickell, S., 2008.
"The marginal utility of income,"
Journal of Public Economics,
Elsevier, vol. 92(8-9), pages 1846-1857, August.
- Layard, Richard & Mayraz, Guy & Nickell, Stephen J, 2007. "The marginal utility of income," LSE Research Online Documents on Economics 19745, London School of Economics and Political Science, LSE Library.
- Richard Layard & Guy Mayraz & Stephen Nickell, 2007. "The Marginal Utility of Income," CEP Discussion Papers dp0784, Centre for Economic Performance, LSE.
- Richard Layard & Guy Mayraz & Stephen J. Nickell, 2007. "The Marginal Utility of Income," SOEPpapers on Multidisciplinary Panel Data Research 50, DIW Berlin, The German Socio-Economic Panel (SOEP).
- Dorte Gyrd-Hansen, 2003. "Willingness to pay for a QALY," Health Economics, John Wiley & Sons, Ltd., vol. 12(12), pages 1049-1060.
- Smith, V Kerry & Desvousges, William H, 1987. "An Empirical Analysis of the Economic Value of Risk Changes," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 89-114, February.
- Kahneman, Daniel & Tversky, Amos, 1979.
"Prospect Theory: An Analysis of Decision under Risk,"
Econometric Society, vol. 47(2), pages 263-291, March.
- Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
- Helen Mason & Michael Jones-Lee & Cam Donaldson, 2009. "Modelling the monetary value of a QALY: a new approach based on UK data," Health Economics, John Wiley & Sons, Ltd., vol. 18(8), pages 933-950.
- Johannesson, Magnus & Johansson, Per-Olov, 1997.
"Quality of life and the WTP for an increased life expectancy at an advanced age,"
Journal of Public Economics,
Elsevier, vol. 65(2), pages 219-228, August.
- Johannesson, Magnus & Johansson, Per-Olov, 1995. "Quality of Life and the WTP for an Increased Life Expectancy at an Advanced Age," SSE/EFI Working Paper Series in Economics and Finance 85, Stockholm School of Economics.
- Brubaker, Earl R, 1984. "Demand Disclosures and Conditions on Exclusion: An Experiment," Economic Journal, Royal Economic Society, vol. 94(375), pages 536-553, September.
- Smith, Richard D. & Richardson, Jeff, 2005. "Can we estimate the `social' value of a QALY?: Four core issues to resolve," Health Policy, Elsevier, vol. 74(1), pages 77-84, September.
- Tilling, C & Krol, M & Tsuchiya, A & Brazier, J & van Exel, J & Brouwer, W, 2009. "The impact of losses in income due to ill health: does the EQ-5D reflect lost earnings?," MPRA Paper 29837, University Library of Munich, Germany.
- Bohm, Peter, 1984. "Revealing demand for an actual public good," Journal of Public Economics, Elsevier, vol. 24(2), pages 135-151, July.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:29911. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.