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Value of a QALY and VSI Estimated with the Chained Approach

Olofsson, Sara LU ; Gerdtham, Ulf LU ; Hultkrantz, Lars and Persson, Ulf (2016) In Working Papers 2016(33).
Abstract
The value of a Quality-Adjusted Life-Year (QALY) and the Value of a Statistical Injury (VSI) are important measures within health economics and transport economics. Several studies have therefore estimated people’s WTP for these estimates, but most results show problems with scale insensitivity. The Chained Approach (CA) is a method developed to reduce this problem. The objective of this study was to estimate the value of a QALY and VSI in the context of non-fatal road traffic accidents using CA. Data was collected from a total of 800 individuals in the Swedish adult general population using two web-based questionnaires. The result showed evidence of scale sensitivity both within and between samples. The value of a QALY based on trimmed... (More)
The value of a Quality-Adjusted Life-Year (QALY) and the Value of a Statistical Injury (VSI) are important measures within health economics and transport economics. Several studies have therefore estimated people’s WTP for these estimates, but most results show problems with scale insensitivity. The Chained Approach (CA) is a method developed to reduce this problem. The objective of this study was to estimate the value of a QALY and VSI in the context of non-fatal road traffic accidents using CA. Data was collected from a total of 800 individuals in the Swedish adult general population using two web-based questionnaires. The result showed evidence of scale sensitivity both within and between samples. The value of a QALY based on trimmed individual estimates where close to constant at €300,000 irrespective of the type and size of the QALY gain. The study shows promising results for using the original CA to estimate the value of a QALY and VSI. It also supports the use of a constant value of a QALY, but at a higher level than what is currently applied by HTA’s. (Less)
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author
organization
publishing date
type
Working Paper
publication status
published
subject
keywords
contingent valuation, chained approach, scale sensitivity, quality-adjusted life-years, willingness-to-pay, D61, D80, I18, J17
in
Working Papers
volume
2016
issue
33
pages
35 pages
publisher
Department of Economics, Lund University
language
English
LU publication?
yes
id
f9f282d5-a9ba-47b6-89f5-36946962be6c
alternative location
http://swopec.hhs.se/lunewp/abs/lunewp2016_033.htm
date added to LUP
2016-12-28 10:24:35
date last changed
2016-12-28 11:17:42
@misc{f9f282d5-a9ba-47b6-89f5-36946962be6c,
  abstract     = {The value of a Quality-Adjusted Life-Year (QALY) and the Value of a Statistical Injury (VSI) are important measures within health economics and transport economics. Several studies have therefore estimated people’s WTP for these estimates, but most results show problems with scale insensitivity. The Chained Approach (CA) is a method developed to reduce this problem. The objective of this study was to estimate the value of a QALY and VSI in the context of non-fatal road traffic accidents using CA. Data was collected from a total of 800 individuals in the Swedish adult general population using two web-based questionnaires. The result showed evidence of scale sensitivity both within and between samples. The value of a QALY based on trimmed individual estimates where close to constant at €300,000 irrespective of the type and size of the QALY gain. The study shows promising results for using the original CA to estimate the value of a QALY and VSI. It also supports the use of a constant value of a QALY, but at a higher level than what is currently applied by HTA’s.},
  author       = {Olofsson, Sara and Gerdtham, Ulf and Hultkrantz, Lars and Persson, Ulf},
  keyword      = {contingent valuation,chained approach,scale sensitivity,quality-adjusted life-years,willingness-to-pay,D61,D80,I18,J17},
  language     = {eng},
  month        = {12},
  note         = {Working Paper},
  number       = {33},
  pages        = {35},
  publisher    = {Department of Economics, Lund University },
  series       = {Working Papers},
  title        = {Value of a QALY and VSI Estimated with the Chained Approach},
  volume       = {2016},
  year         = {2016},
}