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Benjamin M Craig1, Kim Rand2, Henry Bailey3

  • 1Department of Economics, University of South Florida, Tampa, FL, USA.

Value in Health : the Journal of the International Society for Pharmacoeconomics and Outcomes Research
|September 19, 2018
PubMed
Summary
This summary is machine-generated.

The constant proportionality assumption in health valuation is rejected. A power function, value = preference weight × life spanβ, better describes the relationship between life span and value, indicating decreasing marginal value.

Keywords:
EQ-5D-5Lcost-utility analysesquality-adjusted life-years

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Area of Science:

  • Health Economics
  • Decision Analysis
  • Psychometrics

Background:

  • Quality-adjusted life-year (QALY) is a standard metric in health valuation.
  • Current models assume constant proportionality between life span and value.

Purpose of the Study:

  • To empirically determine an alternative functional relationship between life span and value.
  • To relax the constant proportionality assumption in health valuation.

Main Methods:

  • An online survey with 5367 respondents completing paired comparisons.
  • Utilized time trade-off pairs contrasting longer life spans with health issues against shorter, problem-free durations.
  • Estimated a saturated model using maximum likelihood with indicator variables for 27 life spans and 90 health states.

Main Results:

  • Constant proportionality was rejected (P < 0.01).
  • A power function (value = preference weight × life spanβ) significantly improved model fit.
  • The estimated exponent (β = 0.415) suggests decreasing marginal value of life span.

Conclusions:

  • The power function provides a more accurate representation of life span value than constant proportionality.
  • This model challenges conventional assumptions in health valuation.
  • Findings suggest potential divergence between public and governmental preferences for time horizons in health policy.