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Related Experiment Video

Updated: Jul 11, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods

Published on: September 19, 2012

The subjective costs of health losses due to chronic diseases. An alternative model for monetary appraisal.

Ada Ferrer-i-Carbonell¹, Bernard M S van Praag

¹Faculty of Economics and Econometrics and SEO Amsterdam Economics, University of Amsterdam, The Netherlands. aferrer@fee.uva.nl

Health Economics

|November 29, 2002

Summary

This summary is machine-generated.

This study quantifies health impacts by estimating the income changes equivalent to health satisfaction changes. For West German workers, hearing loss equals a 20% income cut, while heart issues equate to a 47% reduction.

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Area of Science:

Health Economics
Well-being Research
Sociology

Background:

Measuring the economic impact of health changes is crucial for policy and individual decision-making.
Existing methods often struggle to directly link health status to overall life satisfaction.
Understanding the monetary value of health is essential for cost-benefit analyses in healthcare.

Purpose of the Study:

To develop and apply a method for evaluating health losses and gains based on their impact on overall well-being.
To estimate the income equivalent of changes in health satisfaction.
To link these health satisfaction changes to specific diseases and quantify their income equivalents.

Main Methods:

Utilizing a large German dataset containing responses on well-being and health satisfaction.
Estimating the equivalent income change that mirrors the impact of health satisfaction changes on general life satisfaction.
Analyzing data stratified by employment status (workers vs. non-workers) and region (East vs. West Germany).

Main Results:

Health satisfaction changes can be translated into equivalent income changes.
For West German workers, hearing impairments are equivalent to an average income reduction of approximately 20%.
Heart or blood circulation difficulties for West German workers are equivalent to an average income reduction of approximately 47%.

Conclusions:

The proposed method provides a quantifiable link between health status and economic well-being.
The findings offer valuable insights into the economic burden of specific diseases.
This approach can inform public health policies and individual health-related financial planning.