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When one or more data points appear far from the rest of the data, there is a need to determine whether they are outliers and whether they should be eliminated from the data set to ensure an accurate representation of the measured value. In many cases, outliers arise from gross errors (or human errors) and do not accurately reflect the underlying phenomenon. In some cases, however, these apparent outliers reflect true phenomenological differences. In these cases, we can use statistical methods...
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Related Experiment Video

Updated: Jun 24, 2026

Measuring Delay Discounting in Humans Using an Adjusting Amount Task
07:47

Measuring Delay Discounting in Humans Using an Adjusting Amount Task

Published on: January 9, 2016

Trying to estimate a monetary value for the QALY.

Jose Luis Pinto-Prades1, Graham Loomes, Raul Brey

  • 1University Pablo de Olavide, 41013 Sevilla, Spain. jlpinto@upo.es

Journal of Health Economics
|March 31, 2009
PubMed
Summary

Estimating the monetary value for a Quality-Adjusted Life Year (QALY) is challenging. This study found that willingness to pay for QALYs is not proportional to health gains and is subject to biases, leading to inconsistent value estimates.

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Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
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Published on: September 19, 2012

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Last Updated: Jun 24, 2026

Measuring Delay Discounting in Humans Using an Adjusting Amount Task
07:47

Measuring Delay Discounting in Humans Using an Adjusting Amount Task

Published on: January 9, 2016

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
13:04

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

Published on: September 19, 2012

Area of Science:

  • Health Economics
  • Outcomes Research
  • Public Health Policy

Background:

  • Quality-Adjusted Life Years (QALYs) are crucial for healthcare decision-making.
  • Estimating a consistent monetary value for QALYs (MVQ) is essential for resource allocation.
  • Previous research indicates potential variability in MVQ estimations.

Purpose of the Study:

  • To assess the feasibility of estimating a monetary value for QALYs (MVQ).
  • To investigate the proportionality between willingness to pay (WTP) and health gains (QALYs).
  • To identify potential biases affecting WTP responses.

Main Methods:

  • Conducted two surveys with a total of 892 participants from the Spanish population.
  • Analyzed responses to determine willingness to pay (WTP) for varying health gains.
  • Examined potential biases including ordering effects and insensitivity to payment duration.

Main Results:

  • The estimated MVQ varied inversely with the magnitude of health gain.
  • Ordering effects were observed, influencing WTP responses.
  • WTP demonstrated insensitivity to the duration of the payment period.
  • Significant variations in MVQ estimates were identified.

Conclusions:

  • Current methods for estimating MVQ are subject to significant variability and biases.
  • The relationship between WTP and QALYs is not consistently proportional.
  • Further research is needed to understand and mitigate sources of variability for stable MVQ estimates.