Valuing Health and Life

Stefan Felder () and Thomas Mayrhofer ()
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Stefan Felder: University of Basel
Thomas Mayrhofer: Stralsund University of Applied Sciences

Chapter Chapter 11 in Medical Decision Making, 2022, pp 233-260 from Springer

Abstract: Abstract We distinguish between a health model and a health-survival model; only the latter accounts for both quality and quantity aspects of medical investments. The health-survival model allows us to formalize the willingness to pay for health and life. After characterizing individual choices within these models, we analyze the allocation chosen by a social planner who maximizes ‘the greatest good of the greatest number.’ We conclude the chapter by comparing the utilitarian solution to the allocation of medical investments based on the QALY model.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-662-64654-0_11

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DOI: 10.1007/978-3-662-64654-0_11

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