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Axiomatic foundations for cost-effectiveness analysis.

David Canning1

  • 1Department of Global Health and Population, Harvard School of Public Health, Boston, USA.

Health Economics
|February 27, 2013
PubMed
Summary
This summary is machine-generated.

This study introduces a method to measure individual well-being in healthy life years. This framework supports cost-effectiveness analysis for health projects and cost-benefit analysis for non-health projects, optimizing resource allocation.

Keywords:
cost-benefitcost-effectivenessproject appraisal

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Area of Science:

  • Health Economics
  • Decision Analysis
  • Social Welfare Theory

Background:

  • Measuring individual utility is crucial for evaluating health interventions.
  • Existing methods may not adequately capture societal preferences for health outcomes.
  • A unified framework for resource allocation across sectors is needed.

Purpose of the Study:

  • To establish a quantifiable metric for individual utility in terms of healthy life years.
  • To derive a social welfare function based on established ethical principles.
  • To propose a unified approach for cost-effectiveness and cost-benefit analysis.

Main Methods:

  • Defining individual utility in units of healthy life years.
  • Applying Pareto principle, anonymity, and invariance axioms to social preferences.
  • Developing a utilitarian social welfare function.

Main Results:

  • Individual utilities can be measured in healthy life years.
  • A utilitarian social welfare function is derived from the axioms.
  • Cost-effectiveness analysis is recommended for health projects, maximizing healthy years gained.
  • Cost-benefit analysis, using healthy life years for costs and benefits, is suggested for non-health projects.

Conclusions:

  • Healthy life years provide a consistent metric for social welfare evaluation.
  • The proposed framework enables efficient resource allocation across health and non-health sectors.
  • This approach standardizes the evaluation of projects impacting population health and well-being.