Pinto-Prades, Jose Luis, Loomes, Graham and Brey, Raul (2009) Trying to estimate a monetary value for the QALY. Journal of Health Economics, 28 (3). pp. 553-562. doi:10.1016/j.jhealeco.2009.02.003 ISSN 0167-6296. (Unpublished)

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Abstract

In this paper we study the feasibility of estimating a monetary value for a QALY (MVQ). Using two different surveys of the Spanish population (total n = 892), we consider whether willingness to pay (WTP) is (approximately) proportional to the health gains measured in QALYs. We also explore whether subjects’ responses are prone to any significant biases. We find that the estimated MVQ varies inversely with the magnitude of health gain. We also find two other (ir)regularities: the existence of ordering effects; and insensitivity of WTP to the duration of the period of payment. Taken together, these effects result in large variations in estimates of the MVQ. If we are ever to obtain consistent and stable estimates, we should try to understand better the sources of variability found in the course of this study.

Item Type:	Journal Article
Subjects:	H Social Sciences > HB Economic Theory
Divisions:	Faculty of Social Sciences > Economics
Journal or Publication Title:	Journal of Health Economics
Publisher:	Elsevier
ISSN:	0167-6296
Official Date:	May 2009
Dates:	Date Event May 2009 Published
Volume:	28
Number:	3
Number of Pages:	10
Page Range:	pp. 553-562
DOI:	10.1016/j.jhealeco.2009.02.003
Status:	Not Peer Reviewed
Publication Status:	Unpublished
Funder:	Ministerio de Educación, Junta de Andalucía, Fundación BIOEF, Agència d’Avaluació de Tecnologia i Recerca Mèdiques
Grant number:	project SEJ2007-67734/ECON, project P07-SEJ-02936, project 081/27/02

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