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Cost and Benefits - PowerPoint PPT Presentation


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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)

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Presentation Transcript
introduction
Introduction
  • Is treatment X worth it?
cost benefit analysis
Cost-Benefit Analysis
  • Devote resources to an activity until the marginal benefit equals the marginal cost.
determining value
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
Cost Effectiveness
  • Incremental cost effectiveness analysis
cost utility analysis
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
Quality Adjusted Life Year (QALY)
  • Standard gamble method
  • Time trade-off method
problems with cea
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
slide13

Inequality in health

    • Americans with Disabilities act. Should their well being be considered equally?
practical problems
Practical Problems
  • Should fixed costs be taken into account?
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