Liu, Liqun; Rettenmaier, Andrew J.; Saving, Thomas R. - In: Health Economics 17 (2008) 4, pp. 523-534
We use a simple lifetime utility maximization model to study the problem of medical resource allocation. This model leads to a welfare specification with a QALY (quality-adjusted life-year) component that captures an individual's preferences over both life expectancy and health status. The goal...