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Developing methods that really do value the 'Q' in the QALY.

¹Tanaka Business School, Imperial College, London, UK. paul.dolan@imperial.ac.uk

Health Economics, Policy, and Law

|July 19, 2008

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Health economists often value health improvements using hypothetical scenarios. This paper argues for valuing health based on real experiences, potentially prioritizing mental health services and improving healthcare rationing.

Area of Science:

Health Economics
Health Services Research
Decision Science

Background:

Traditional health economics values health improvements via hypothetical preferences.
This involves asking the public to trade life-years or mortality risk for full health.

Purpose of the Study:

To challenge the reliance on hypothetical preferences for valuing health.
To propose valuing health based on individuals' current experiences and feelings.

Main Methods:

Critique of hypothetical preference elicitation in health economics.
Argument for using subjective well-being measures from individuals in various health states.

Main Results:

Hypothetical preferences may not accurately reflect future experiences.

Related Experiment Videos

Valuing health by current feelings could shift resource allocation, potentially towards mental health services.

Conclusions:

Rationing healthcare based on real experiences is superior to using hypothetical preferences.
This approach may lead to a more accurate and equitable distribution of health resources.