Quality adjusted life years based on health and consumption: A summary wellbeing measure for cross-sectoral economic evaluation.

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, th

SUBMITTER: Cookson R 

PROVIDER: S-EPMC7756450 | biostudies-literature | 2021 Jan

REPOSITORIES: biostudies-literature