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Estimating the monetary value of health and capability well-being applying the well-being valuation approach
BACKGROUND: Quality of life measures going beyond health, like the ICECAP-A, are gaining importance in health technology assessment. The assessment of the monetary value of gains in this broader quality of life is needed to use these measurements in a cost-effectiveness framework. METHODS: We applie...
Autores principales: | , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Springer Berlin Heidelberg
2020
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7561589/ https://www.ncbi.nlm.nih.gov/pubmed/32939595 http://dx.doi.org/10.1007/s10198-020-01231-7 |
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author | Himmler, Sebastian van Exel, Job Brouwer, Werner |
author_facet | Himmler, Sebastian van Exel, Job Brouwer, Werner |
author_sort | Himmler, Sebastian |
collection | PubMed |
description | BACKGROUND: Quality of life measures going beyond health, like the ICECAP-A, are gaining importance in health technology assessment. The assessment of the monetary value of gains in this broader quality of life is needed to use these measurements in a cost-effectiveness framework. METHODS: We applied the well-being valuation approach to calculate a first monetary value for capability well-being in comparison to health, derived by ICECAP-A and EQ-5D-5L, respectively. Data from an online survey administered in February 2018 to a representative sample of UK citizens aged 18–65 was used (N = 1512). To overcome the endogeneity of income, we applied an instrumental variable regression. Several alternative model specifications were calculated to test the robustness of the results. RESULTS: The base case empirical estimate for the implied monetary value of a year in full capability well-being was £66,597. The estimate of the monetary value of a QALY, obtained from the same sample and using the same methodology amounted to £30,786, which compares well to previous estimates from the willingness to pay literature. Throughout the conducted robustness checks, the value of capability well-being was found to be between 1.7 and 2.6 times larger than the value of health. CONCLUSION: While the applied approach is not without limitations, the generated insights, especially concerning the relative magnitude of valuations, may be useful for decision-makers having to decide based on economic evaluations using the ICECAP-A measure or, to a lesser extent, other (capability) well-being outcome measures. ELECTRONIC SUPPLEMENTARY MATERIAL: The online version of this article (10.1007/s10198-020-01231-7) contains supplementary material, which is available to authorized users. |
format | Online Article Text |
id | pubmed-7561589 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2020 |
publisher | Springer Berlin Heidelberg |
record_format | MEDLINE/PubMed |
spelling | pubmed-75615892020-10-19 Estimating the monetary value of health and capability well-being applying the well-being valuation approach Himmler, Sebastian van Exel, Job Brouwer, Werner Eur J Health Econ Original Paper BACKGROUND: Quality of life measures going beyond health, like the ICECAP-A, are gaining importance in health technology assessment. The assessment of the monetary value of gains in this broader quality of life is needed to use these measurements in a cost-effectiveness framework. METHODS: We applied the well-being valuation approach to calculate a first monetary value for capability well-being in comparison to health, derived by ICECAP-A and EQ-5D-5L, respectively. Data from an online survey administered in February 2018 to a representative sample of UK citizens aged 18–65 was used (N = 1512). To overcome the endogeneity of income, we applied an instrumental variable regression. Several alternative model specifications were calculated to test the robustness of the results. RESULTS: The base case empirical estimate for the implied monetary value of a year in full capability well-being was £66,597. The estimate of the monetary value of a QALY, obtained from the same sample and using the same methodology amounted to £30,786, which compares well to previous estimates from the willingness to pay literature. Throughout the conducted robustness checks, the value of capability well-being was found to be between 1.7 and 2.6 times larger than the value of health. CONCLUSION: While the applied approach is not without limitations, the generated insights, especially concerning the relative magnitude of valuations, may be useful for decision-makers having to decide based on economic evaluations using the ICECAP-A measure or, to a lesser extent, other (capability) well-being outcome measures. ELECTRONIC SUPPLEMENTARY MATERIAL: The online version of this article (10.1007/s10198-020-01231-7) contains supplementary material, which is available to authorized users. Springer Berlin Heidelberg 2020-09-16 2020 /pmc/articles/PMC7561589/ /pubmed/32939595 http://dx.doi.org/10.1007/s10198-020-01231-7 Text en © The Author(s) 2020 Open AccessThis article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/. |
spellingShingle | Original Paper Himmler, Sebastian van Exel, Job Brouwer, Werner Estimating the monetary value of health and capability well-being applying the well-being valuation approach |
title | Estimating the monetary value of health and capability well-being applying the well-being valuation approach |
title_full | Estimating the monetary value of health and capability well-being applying the well-being valuation approach |
title_fullStr | Estimating the monetary value of health and capability well-being applying the well-being valuation approach |
title_full_unstemmed | Estimating the monetary value of health and capability well-being applying the well-being valuation approach |
title_short | Estimating the monetary value of health and capability well-being applying the well-being valuation approach |
title_sort | estimating the monetary value of health and capability well-being applying the well-being valuation approach |
topic | Original Paper |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7561589/ https://www.ncbi.nlm.nih.gov/pubmed/32939595 http://dx.doi.org/10.1007/s10198-020-01231-7 |
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