Searchers vs surveyors in estimating the monetary value of a QALY: resolving a nasty dilemma for NICE


Baker, R; Chilton, S; Donaldson, C; Jones-Lee, M; Lancsar, E; Mason, H; Metcalf, H; Pennington, M; Wildman, J; (2011) Searchers vs surveyors in estimating the monetary value of a QALY: resolving a nasty dilemma for NICE. Health economics, policy, and law, 6 (4). pp. 435-447. ISSN 1744-1331 DOI: https://doi.org/10.1017/S1744133111000181

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Abstract

Recently, for many health economics researchers, empirical estimation of the monetary valuation of a quality-adjusted life year (QALY) has become an important endeavour. Different philosophical and practical approaches to this have emerged. On the one hand, there is a view that, with health-care budgets set centrally, decision-making bodies within the system can iterate, from observation of a series of previous decisions, towards the value of a QALY, thus searching for such a value. Alternatively, and more consistent with the approach taken in other public sectors, individual members of the public are surveyed with the aim of directly eliciting a preference-based also known as a willingness-to-pay-based (WTP-based) - value of a QALY. While the former is based on supply-side factors and the latter on demand, both in fact suffer from informational deficiencies. Sole reliance on either would necessitate an acceptance or accommodation of chronic inefficiencies in health-care resource allocation. On the basis of this observation, this paper makes the case that in order to approach optimal decision making in health-care provision, a framework incorporating and thus, to a degree, reconciling these two approaches is to be preferred.

Item Type: Article
Faculty and Department: Faculty of Public Health and Policy > Dept of Health Services Research and Policy
PubMed ID: 21854688
Web of Science ID: 295304600001
URI: http://researchonline.lshtm.ac.uk/id/eprint/18589

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