Resources Repository
-
ArticlePublication 2023Valuing Mortality Risk: Per Life, Life Year, or QALY?
It is important to consider age and other relevant factors when assessing the value associated …
It is important to consider age and other relevant factors when assessing the value associated with reducing risks to ensure a comprehensive and accurate understanding of its impact. In a recent paper, it is explained that the value of risk reduction, whether it is a temporary or persistent reduction, can be defined using the "value per statistical life" (VSL), "value per statistical life year" (VSLY), or "value per quality-adjusted life year" (VQALY).
Preferences/Values | Benefit-Cost Analysis | Risk Analysis | Cost-Effectiveness Analysis -
ArticlePublication 2021Global Costs, Health Benefits, & Economic Benefits of Scaling Up Treatment and Imaging Modalities for Survival of 11 Cancers
This analysis estimated the costs and lifetime health and economic benefits of scaling up imaging …
This analysis estimated the costs and lifetime health and economic benefits of scaling up imaging and treatment modality packages on cancer survival in 200 countries/territories for patients diagnosed with one of 11 cancers (oesophagus, stomach, colon, rectum, anus, liver, pancreas, lung, breast, cervix uteri, and prostate). Using a microsimulation model of global cancer survival, the paper evaluated the costs and health and economic benefits of scaling up packages of treatment (chemotherapy, surgery, radiotherapy, and targeted…
Microsimulation | Benefit-Cost Analysis | Priority Setting/Ethics | Health Outcomes | Chronic Disease/Risk | Health Systems | Global -
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 | Infectious Diseases | Government/Law | 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 | Infectious Diseases | Government/Law | Health/Medicine | North America -
ArticlePublication 2020Premature Deaths, Statistical Lives, and Years of Life
This article clarifies some misconceptions about mortality risk and economic valuation. The mortality effects of …
This article clarifies some misconceptions about mortality risk and economic valuation. The mortality effects of exposure to environmental hazards such as air pollution are often described by the estimated number of “premature deaths” and the economic value of an exposure reduction as the number of “statistical lives saved” multiplied by the “value per statistical life.” These terms can be misleading because the number of deaths advanced by exposure cannot be determined from mortality data; it…
Preferences/Values | Benefit-Cost Analysis | Health Outcomes | Environmental Health | Policy/Regulation | College | Graduate | Critical Thinking/Analysis -
BookPublication 2018Pricing Lives: Guideposts for a Safer Society
This book describes how the government came to adopt the value of a statistical life …
This book describes how the government came to adopt the value of a statistical life (VSL) approach for valuing changes in mortality risks and argues that its more widespread use would create a safer and more equitable society. The author estimates these values based on how much more money workers would demand to take on more hazardous jobs; his current estimate is $10 million. The book addresses numerous topics such as whether older people’s lives…
Preferences/Values | Benefit-Cost Analysis | Policy/Regulation | Climate/Environment | College | Graduate | Critical Thinking/Analysis -
ArticlePublication 2017Valuing Non-Fatal Risks: Monetary and Health-Utility Measures
This article discusses metrics for valuing environmental, health, and safety policies, which should be consistent …
This article discusses metrics for valuing environmental, health, and safety policies, which should be consistent with both the preferences of affected individuals and social preferences for distribution of health risks in the population. Two classes of metrics are widely used: monetary measures (e.g., willingness to pay) and health-utility measures (e.g., quality-adjusted life years (QALYs), disability-adjusted life years (DALYs)). Health-utility measures impose more structure than monetary measures, with the result that individuals’ preferences often appear inconsistent…
Preferences/Values | Benefit-Cost Analysis | Policy/Regulation | Climate/Environment | College | Graduate | Critical Thinking/Analysis -
ArticlePublication 2016Estimating Benefits of Regulations Affecting Addictive Goods
The question of how to evaluate lost consumer surplus in benefit−cost analyses is controversial. There …
The question of how to evaluate lost consumer surplus in benefit−cost analyses is controversial. There are clear health benefits of regulations that curb consumption of goods with health risks, such as tobacco products and foods high in fats, calories, sugar, and sodium. Yet, if regulations cause consumers to give up goods they like, the health benefits they experience may be offset by some utility loss, which benefit−cost analyses of regulations need to take into account.…
Preferences/Values | Benefit-Cost Analysis | Decision Theory | Mental Health | Health/Medicine -
BookPublication 2015Methods for the Economic Evaluation of Health Care Programmes, 4th Edition
The 2015 edition of Methods for the Economic Evaluation of Health Care Programmes provides a …
The 2015 edition of Methods for the Economic Evaluation of Health Care Programmes provides a 'tool kit' for undertaking health economic evaluations. The report is aimed at researchers, health service professionals and policy makers without a formal economics background. The recommendations are based on the authors' own experiences and so are practical in nature. The book describes the challenges of allocating resources efficiently and fairly, including challenges in methodology and policy formation. Examples are provided.…
Preferences/Values | Benefit-Cost Analysis | Priority Setting/Ethics | Costing Methods | Health Outcomes | Evidence Synthesis | Value of Information | Mathematical Models | Cost-Effectiveness Analysis | Economics/Finance | Health/Medicine | Science/Technology | Global | North America | Europe