Cost and Benefits - University of Wisconsin-La Crosse

Cost and Benefits - University of Wisconsin-La Crosse

Cost and Benefits Introduction Is treatment X worth it?

Cost-Benefit Analysis Devote resources to an activity until the

marginal benefit equals the marginal cost. Determining Value

Willingness To Pay (WTP) Surveys Market data (compensating differentials in labor

markets) Human Capital Approach

Estimate future earnings, used in accidental death injury cases. Cost Effectiveness

Incremental cost effectiveness analysis C / E c1 c 0 / e1 e 0

Cost-Utility Analysis CUA is CEA with utility as a measure of

benefits. Useful for multi-dimensional problems Utility proxied by Quality Adjusted Life Years

or Disability Adjusted Life Years Quality Adjusted Life Year (QALY)

Standard gamble method Time trade-off method Problems with CEA

Whose utility function? Patients or public? When to measure?

Mean or median? Non-independence of value of health and

wealth and consumption patterns Inequality in health

Americans with Disabilities act. Should their well being be considered equally?

Practical Problems Should fixed costs be taken into account? Cost Effectiveness vs Comparative

Effectiveness Utilitarian versus Rawlsian

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