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From the same journal

Quality Adjusted Life Years Based on Health and Consumption: A Summary Wellbeing Measure for Cross-Sectoral Economic Evaluation

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JournalHealth Economics
DateAccepted/In press - 24 Aug 2020
DateE-pub ahead of print (current) - 22 Oct 2020
Number of pages16
Pages (from-to)1-16
Early online date22/10/20
Original languageEnglish

Abstract

We introduce a summary wellbeing measure for economic evaluation of cross-sectoral public policies with impacts on health and living standards. We show how to calculate period-specific and lifetime wellbeing using quality-adjusted life years based on widely available data on health-related quality of life and consumption and normative assumptions about three parameters – minimal consumption, standard consumption, and the elasticity of the marginal value of consumption. We also illustrate how these three parameters can be tailored to the decision-making context and varied in sensitivity analysis to provide information about the implications of alternative value judgements. As well as providing a general measure for cost-effectiveness analysis and cost-benefit analysis in terms of wellbeing, this approach also facilitates distributional analysis in terms of how many good years different population subgroups can expect to live under different policy scenarios.

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© 2020 John Wiley & Sons Ltd. This is an author-produced version of the published paper. Uploaded in accordance with the publisher’s self-archiving policy. Further copying may not be permitted; contact the publisher for details.

    Research areas

  • Health, QALY, Quality of Life, Well Being, Cost Effective

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