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Quality adjusted life years based on health and consumption: a summary wellbeing measure for cross‐sectoral economic evaluation

Cookson, Richard, Skarda, Ieva, Cotton-Barratt, Owen, Adler, Matthew, Asaria, Miqdad ORCID: 0000-0002-3538-4417 and Ord, Toby (2020) Quality adjusted life years based on health and consumption: a summary wellbeing measure for cross‐sectoral economic evaluation. Health Economics. ISSN 1057-9230

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Identification Number: 10.1002/hec.4177

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 judgments. 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.

Item Type: Article
Official URL: https://onlinelibrary.wiley.com/journal/10991050
Additional Information: © 2020 John Wiley & Sons
Divisions: LSE Health
Subjects: R Medicine > RA Public aspects of medicine > RA0421 Public health. Hygiene. Preventive Medicine
H Social Sciences > HV Social pathology. Social and public welfare. Criminology
H Social Sciences > HC Economic History and Conditions
Date Deposited: 23 Oct 2020 09:09
Last Modified: 09 Nov 2020 13:36
URI: http://eprints.lse.ac.uk/id/eprint/107065

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