In this paper we study the feasibility of estimating a monetary value for a QALY (MVQ). Using two different surveys of the Spanish population (total n = 892), we consider whether willingness to pay (WTP) is (approximately) proportional to the health gains measured in QALYs. We also explore...

This paper proposes a quantitative modification of standard utility elicitation procedures, such as the probability and certainty equivalence methods, to correct for commonly observed violations of expected utility. Traditionally, decision analysis assumes expected utility not only for the...

An important reason why people violate expected utility theory is probability weighting. Previous studies on the probability weighting function typically assume a specific parametric form, exclude heterogeneity in individual preferences, and exclusively consider monetary decision making. This...

This comprehensive collection brings together more than 50 contributions from some of the most influential researchers in health economics. It authoritatively covers theoretical and empirical issues in health economics, with a balanced range of material on equity and efficiency in health care...

The aim of The Elgar Companion to Health Economics is to take an audience of advanced undergraduates, postgraduates and researchers to the frontier of research in health economics, by providing them with short and easily readable introductions to key topics. The volume brings together 50...

<title>Abstract</title> Relatively little attention has been given to the differences in value of statistical life (VSL) from developed and less developed countries. The paper derives a cross‐countries VSL estimate based on road fatality accidents and it provides a test to check for such differences....