Resources Repository
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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…
Preferences/Values | Benefit-Cost Analysis | Government/Law | Culture/Society | Economics/Finance | Priority Setting/Ethics -
ArticlePublication 2023Benefits and Costs of COVID-19 Vaccine Mandates
Written mid-pandemic, this article evaluates the direct costs and health benefits of requiring COVID-19 vaccinations …
Written mid-pandemic, this article evaluates the direct costs and health benefits of requiring COVID-19 vaccinations for U.S. federal employees and healthcare and private sector workers. These mandates were controversial and some were halted by litigation. If they had been implemented as intended, the net benefits would depend on the course of the pandemic. If a more transmissible variant (such as Omicron) emerges, the net benefits may be large. If the pandemic instead fades, the benefits…
Benefit-Cost Analysis | State-Transition | Government/Law | Economics/Finance | Mathematical Models | Infectious Diseases | Policy/Regulation | Business/Industry | Health/Medicine | North America -
ArticlePublication 2015Valuing Regulations Affecting Addictive or Habitual Goods
The analysis of regulations affecting addictive or habitual goods has drawn considerable controversy. Some studies …
The analysis of regulations affecting addictive or habitual goods has drawn considerable controversy. Some studies have suggested that such regulations have only small welfare benefits, as consumers value these goods despite health benefits from quitting, while other studies suggest that information or behavioral problems make existing consumption decisions a poor guide to welfare evaluation. This analysis examines potential utility offsets to health benefits of regulations affecting addictive or habitual goods theoretically and empirically. The paper…
Preferences/Values | Benefit-Cost Analysis | Culture/Society | Economics/Finance | Chronic Disease/Risk | Social Determinants | Policy/Regulation | Health/Medicine | North America -
ArticlePublication 2022Vaccinations versus Lockdowns to Prevent COVID-19 Mortality
This analysis estimated the costs associated with preventing Covid-19 deaths by vaccinations versus lockdowns. Publicly …
This analysis estimated the costs associated with preventing Covid-19 deaths by vaccinations versus lockdowns. Publicly available datasets from the Israeli Ministry of Health were used to model the parameters of the pandemic in Israel. The Oxford COVID-19 Government Response Tracker was used for quantitative data on government policies. Data on the Israeli economy were taken from the Central Bureau of Statistics. The models demonstrate that the first lockdown prevented 1022 COVID-19 deaths at the cost…
State-Transition | Government/Law | Economics/Finance | Decision Theory | Costing Methods | Health Outcomes | Decision Analysis | Infectious Diseases | Policy/Regulation | Health/Medicine | Middle East & North Africa -
ArticlePublication 2022Emerging Therapies for COVID-19: The Value of Information From More Clinical Trials
The COVID-19 pandemic necessitated time-sensitive policy and implementation decisions regarding new therapies in the face …
The COVID-19 pandemic necessitated time-sensitive policy and implementation decisions regarding new therapies in the face of uncertainty. This study aimed to quantify consequences of approving therapies or pursuing further research. The authors used a cohort state-transition model for hospitalized patients with COVID-19 to estimate quality-adjusted life-years (QALYs) and costs associated with multiple drug regimens and usual care. For each they assessed immediate approval, use only in research, emergency use authorization or reject. They conducted cost-effectiveness…
Benefit-Cost Analysis | State-Transition | Economics/Finance | Value of Information | Infectious Diseases | Policy/Regulation | North America | Europe -
ArticlePublication 2020Valuing COVID-19 Mortality Risk
In this article, the author evaluates whether conventional estimates of the value per statistical life …
In this article, the author evaluates whether conventional estimates of the value per statistical life (VSL) in the United States (about $10 million) are appropriate for evaluating policies that affect risk of COVID-19. This estimate may be too large, because: (1) VSL estimates marginal values but COVID-19 risks can be non-marginal; (2) VSL is estimated for the average resident, but COVID-19 mortality is concentrated among the elderly; and (3) the pandemic has caused substantial losses…
Preferences/Values | Benefit-Cost Analysis | Government/Law | Infectious Diseases | Global -
ArticlePublication 2021COVID and the Age–VSL Relationship
In this article, the researchers explore the approach used to value COVID-19 mortality risk reductions …
In this article, the researchers explore the approach used to value COVID-19 mortality risk reductions in analyses of lockdowns and other policies. Many rely on a population-average estimate of the value per statistical life (VSL); others adjust VSL for life expectancy at the age of death. The article explores the implications of theory and empirical studies, which suggest that the relationship between age and VSL is uncertain; these uncertainties in turn may affect whether the…
Preferences/Values | Benefit-Cost Analysis | Government/Law | Infectious Diseases | Health/Medicine | North America -
ArticlePublication 2021Why the Backfire Effect Does Not Explain the Durability of Political Misperceptions
Previous research indicated that corrective information can sometimes provoke a so-called “backfire effect” in which …
Previous research indicated that corrective information can sometimes provoke a so-called “backfire effect” in which respondents more strongly endorsed a misperception about a controversial political or scientific issue when their beliefs or predispositions were challenged. This article shows how subsequent research and media coverage seized on this finding, distorting its generality and exaggerating its role relative to other factors in explaining the durability of political misperceptions. To the contrary, an emerging research consensus finds that…
Preferences/Values | Government/Law | Culture/Society | Decision Psychology | Social Determinants | Health/Medicine | Science/Technology | North America -
ArticlePublication 2021Misinformation in and About Science
Humans learn about the world by collectively acquiring information, filtering it, and sharing what we …
Humans learn about the world by collectively acquiring information, filtering it, and sharing what we know. Misinformation undermines this process. The repercussions are extensive. Without reliable and accurate sources of information, we cannot hope to halt climate change, make reasoned democratic decisions, or control a global pandemic. Most analyses of misinformation focus on popular and social media, but the scientific enterprise faces a parallel set of problems – from hype and hyperbole to publication bias…
Preferences/Values | Government/Law | Culture/Society | Decision Psychology | Social Determinants | Science/Technology | Global | North America