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Happy and healthy: a joint model of health and life satisfaction

Author

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  • Hernández-Alava, Mónica
  • Sampson, Christopher
  • Wailoo, Allan

Abstract

Subjective well-being has been proposed as an alternative to preference based values of health benefit for use in economic evaluation. We develop a latent factor model of health and well-being in order to compare reported satisfaction with life, satisfaction with health and SF-6D responses. This approach provides a coherent, integrated statistical framework for assessing differences between these outcomes on the same scale. Using panel data from the British Household Panel Survey we find that SF-6D and satisfaction with health are influenced to a similar degree by changes in latent health and satisfaction with life is less responsive. For the average individual, there are no substantial differences in the relative impacts of physical versus mental health conditions between the three measures. These findings suggest that the differences between experienced and hypothetical values of health and life satisfaction may not lead to substantial differences in the assessment of value from health technologies.

Suggested Citation

  • Hernández-Alava, Mónica & Sampson, Christopher & Wailoo, Allan, 2013. "Happy and healthy: a joint model of health and life satisfaction," MPRA Paper 49766, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:49766
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    File URL: https://mpra.ub.uni-muenchen.de/49766/1/1312Final.pdf
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    References listed on IDEAS

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    1. repec:ohe:monogr:000176 is not listed on IDEAS
    2. Brazier, John & Roberts, Jennifer & Deverill, Mark, 2002. "The estimation of a preference-based measure of health from the SF-36," Journal of Health Economics, Elsevier, vol. 21(2), pages 271-292, March.
    3. Mukuria, Clara & Brazier, John, 2013. "Valuing the EQ-5D and the SF-6D health states using subjective well-being: A secondary analysis of patient data," Social Science & Medicine, Elsevier, vol. 77(C), pages 97-105.
    4. Carol Graham & Lucas Higuera & Eduardo Lora, 2011. "Which health conditions cause the most unhappiness?," Health Economics, John Wiley & Sons, Ltd., vol. 20(12), pages 1431-1447, December.
    5. Paul Dolan, 2011. "Thinking about it: thoughts about health and valuing QALYs," Health Economics, John Wiley & Sons, Ltd., vol. 20(12), pages 1407-1416, December.
    6. Ada Ferrer-i-Carbonell & Paul Frijters, 2004. "How Important is Methodology for the estimates of the determinants of Happiness?," Economic Journal, Royal Economic Society, vol. 114(497), pages 641-659, July.
    7. Dolan, Paul & Peasgood, Tessa & White, Mathew, 2008. "Do we really know what makes us happy A review of the economic literature on the factors associated with subjective well-being," Journal of Economic Psychology, Elsevier, vol. 29(1), pages 94-122, February.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. #HEJC papers for October 2013
      by academichealtheconomists in The Academic Health Economists' Blog on 2013-10-01 04:30:26
    2. Chris Sampson’s journal round-up for 13th March 2017
      by Chris Sampson in The Academic Health Economists' Blog on 2017-03-13 17:00:42

    More about this item

    Keywords

    satisfaction with life; SF-6D; preferences; quality-adjusted life years;

    JEL classification:

    • I10 - Health, Education, and Welfare - - Health - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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