"Cost-effectiveness analysis (CEA) has become the mainstay of many health care systems to estimate the value of medical interventions, and is used at least as a reference point in many more. The subject is taught widely in graduate programs involving health care, such as Master of Public Health,...

Recent research has documented a link between consumer risk preferences over health and the willingness to pay (WTP) for medical technologies. However, the absence of empirical health risk preference estimates so far limits the implementation of this generalized risk-adjusted cost-effectiveness...