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Putting different price tags on the same health condition : re-evaluating the well-being valuation approach
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Powdthavee, Nattavudh and van den Berg, Bernard (2011) Putting different price tags on the same health condition : re-evaluating the well-being valuation approach. Journal of Health Economics , 30 (5). pp. 1032-1043. doi:10.1016/j.jhealeco.2011.06.001 ISSN 0167-6296.
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Official URL: http://dx.doi.org/10.1016/j.jhealeco.2011.06.001
Abstract
Many recent writings in health policy have proposed that health be valued directly and in monetary terms using the new well-being valuation method. Yet there is no clear consensus on what the best measure of individual's experience may be for the evaluation process. To shed light on this issue, monetary values for a number of health problems are compared across different well-being measures within the same UK data set. We find that, whilst there is strong internal consistency of health impacts within each well-being measure, hugely different monetary valuations are obtained for the same health problem across different well-being measures. Our results, although should only viewed as illustrative, call for economists to rethink about which measure of well-being or experienced utility to be used in the well-being valuation method, should the approach ever be implemented in real policy contexts.
Item Type: | Journal Article | ||||
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Divisions: | Faculty of Social Sciences > Warwick Business School | ||||
Journal or Publication Title: | Journal of Health Economics | ||||
Publisher: | Elsevier | ||||
ISSN: | 0167-6296 | ||||
Official Date: | September 2011 | ||||
Dates: |
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Volume: | 30 | ||||
Number: | 5 | ||||
Page Range: | pp. 1032-1043 | ||||
DOI: | 10.1016/j.jhealeco.2011.06.001 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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