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Author Spotlight: Quantifying Pain Experience – An Illustrative Approach Using the Pain Body Diagram
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Valuing pain using the subjective well-being method.

Thorhildur Ólafsdóttir1, Tinna Laufey Ásgeirsdóttir2, Edward C Norton3

  • 1University of Iceland, Gimli v/Sturlugötu 101, Reykjavík, Iceland.

Economics and Human Biology
|January 10, 2020
PubMed
Summary
This summary is machine-generated.

Estimating the economic value of chronic pain relief is challenging. This study finds the value of avoiding pain ranges from $56-$145 daily, lower than prior estimates, and increases with pain severity.

Keywords:
Compensating variationPainSubjective well-being methodValueWillingness-To-Pay

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Area of Science:

  • Health Economics
  • Pain Management
  • Subjective Well-being

Background:

  • Chronic pain significantly reduces an individual's quality of life and economic utility.
  • Quantifying the economic value of pain reduction is empirically difficult.
  • Previous estimates may be influenced by income endogeneity and high-income outliers.

Purpose of the Study:

  • To estimate the implied trade-off between chronic pain and income using an improved subjective well-being method.
  • To allow the pain-income trade-off to vary across different income levels.
  • To provide more accurate economic valuations for pain relief.

Main Methods:

  • Utilized four waves (2008-2014) of the Health and Retirement Study, a national survey of individuals aged 50 and older.
  • Employed a subjective well-being approach, modeling income with a flexible functional form.
  • Controlled for individual fixed effects and used instrumental variables for income in specific models.

Main Results:

  • Estimated daily values for avoiding pain ranged from $56 to $145 USD.
  • These values are lower than previously reported estimates in the literature.
  • The value of pain relief was found to increase with the severity of pain.

Conclusions:

  • The subjective well-being method, when refined, offers a robust approach to valuing pain reduction.
  • Lowered economic valuations suggest previous estimates might be inflated due to methodological factors.
  • Pain severity is a critical determinant in the economic valuation of pain relief.