Resources Repository
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ArticlePublication 2008Adjusting VSL for Age
This article addresses the theoretical ambiguity in the effect of age on the value of …
This article addresses the theoretical ambiguity in the effect of age on the value of statistical life (VSL) using a novel, age-dependent fatal risk measure to estimate age-specific hedonic wage regressions. VSL exhibits an inverted-U-shaped relationship with age. In the year 2000 cross section, workers' VSL rises from $3.7 million (ages 18–24) to $9.7 million (ages 35–44) and declines to $3.4 million (ages 55–62). Controlling for birth-year cohort effects yields a peak VSL of $7.8…
Benefit-Cost Analysis | Preferences/Values | Policy/Regulation | Climate/Environment | College | Graduate | Critical Thinking/Analysis -
ArticlePublication 2007Mortality-Risk Valuation and Age
This article addresses whether a single value of statistical life (VSL) should be applied to …
This article addresses whether a single value of statistical life (VSL) should be applied to all age groups or whether lower values should be used for the elderly, recognizing that their life expectancies are shorter than those of younger people. Surveys of different age groups' willingness to pay (WTP) for mortality-risk reductions can potentially help resolve this issue. The 36 studies reviewed suggest that the literature is split on whether older people have a lower WTP…
Benefit-Cost Analysis | Preferences/Values | Policy/Regulation | Climate/Environment | College | Graduate | Critical Thinking/Analysis -
Tutorial/PrimerPublication, Teaching Resource 2005Refining Clinical Diagnosis with Likelihood Ratios
This article serves as a concise tutorial about the interpretation and use of likelihood ratios …
This article serves as a concise tutorial about the interpretation and use of likelihood ratios in clinical decision-making. Likelihood ratios can refine clinical diagnosis on the basis of signs and symptoms; however, they are underused for patients' care. A likelihood ratio is the percentage of ill people with a given test result divided by the percentage of well individuals with the same result. Ideally, abnormal test results should be much more typical in ill individuals…
Test Performance | Value of Information | Health/Medicine -
BookPublication 2002Prevention Effectiveness: Guide to Decision Analysis and Economic Evaluation, 2nd Edition
This book was originally written to introduce Centers for Disease Control and Prevention staff to …
This book was originally written to introduce Centers for Disease Control and Prevention staff to the concepts of decision and economic analysis, to provide guidance on methods to maximize comparability of studios, and to provide access to frequently used reference information. It has been adapted to meet the needs of scientists and managers in state and local health departments and managed care organizations as well as students in schools of public health and clinicians for…
Benefit-Cost Analysis | Probability/Bayes | Preferences/Values | Priority Setting/Ethics | Costing Methods | Health Outcomes | Mathematical Models | Decision Analysis | Cost-Effectiveness Analysis | Economics/Finance | Health/Medicine | Global | North America | Graduate | Doctoral | Professional | Critical Thinking/Analysis | Decision Making/Leadership | Quantitative Literacy -
ArticlePublication 2000Discipline of Cost-Benefit Analysis
Cost-benefit analysis is a general discipline, based on the use of some foundational principles, which …
Cost-benefit analysis is a general discipline, based on the use of some foundational principles, which are not altogether controversial, but have nevertheless considered plausibility. Divisiveness increases as various additional requirements are imposed. There is a trade-off here between easier usability (through locked-up formulae) and more general acceptability (through allowing parametric variations). The paper, by Amartya Sen, examines and scrutinizes the merits and demerits of these additional requirements. The particular variant of cost-benefit approach that is…
Benefit-Cost Analysis | Preferences/Values | Priority Setting/Ethics | Culture/Society | Economics/Finance | Government/Law -
ArticlePublication 2000Valuing Mortality Risk: Theory and Practice
This article discusses the theoretical foundation and empirical methods for estimating the value of a …
This article discusses the theoretical foundation and empirical methods for estimating the value of a statistical life (VSL). VSL is defined by individuals' preferences for small changes in risk and income, and often used by environmental and other economists to measure the monetary value of reduced mortality risk. The article reviews the dependence of VSL on age, income, baseline mortality risk, and latency.
Benefit-Cost Analysis | Preferences/Values | Policy/Regulation | College | Graduate | Critical Thinking/Analysis -
Tutorial/PrimerPublication, Teaching Resource 1980Threshold Approach to Clinical Decision Making
This classic paper provides a "tutorial" for students learning about diagnostic testing, probability revision, and …
This classic paper provides a "tutorial" for students learning about diagnostic testing, probability revision, and how to calculate thresholds for testing, treatment, and no treatment. The authors describe how a physician's estimate of the probability that a patient has a particular disease is a principal factor in the determination of whether to withhold treatment, obtain more data by testing, or treat without subjecting the patient to the risks of further diagnostic tests. Using the concepts of decision analysis,…
Test Performance | Probability/Bayes | Value of Information | Decision Analysis | Health/Medicine -
BookPublication 1980Clinical Decision Analysis
This text was conceived and developed in the Harvard T.H. Chan School of Public Health …
This text was conceived and developed in the Harvard T.H. Chan School of Public Health at the Center for the Analysis of Health Practices. The book had its origins in a set of classroom materials developed during the academic year 1974-75 for an elective course in medical decision making at the Harvard Medical School. In this book students are shown how to structure clinical decision problems, how to systematically formulate the intertwining roles of diagnosis and treatment, how to…
Test Performance | Probability/Bayes | Preferences/Values | Costing Methods | Health Outcomes | Value of Information | State-Transition | Decision Analysis | Cost-Effectiveness Analysis | Infectious Diseases | Child/Nutrition | Chronic Disease/Risk | Economics/Finance | Health/Medicine | Global | North America | Europe | Graduate | Doctoral | Critical Thinking/Analysis | Decision Making/Leadership | Quantitative Literacy -
ReviewPublication 1978Basic Principles of ROC Analysis
The limitations of diagnostic "accuracy" as a measure of decision performance require introduction of the …
The limitations of diagnostic "accuracy" as a measure of decision performance require introduction of the concepts of the "sensitivity" and "specificity" yet even these do not provide a unique description of diagnostic performance because they depend on the arbitrary selection of a decision threshold. The receiver operating characteristic (ROC) curve is shown to be a simple yet complete empirical description of this decision threshold effect, indicating all possible combinations of the relative frequencies of the…
Test Performance | Clinical Care | Health/Medicine