Recently, for many health economics researchers, empirical estimation of the monetary valuation of a QALY has become an important endeavour. Different philosophical and practical approaches to this have emerged. On one hand, there is the view that, with health care budgets set centrally, decision-making bodies within the system can iterate, from observation of a series of previous decisions, towards the value of a QALY is, i.e. they can search for such a value. Alternatively, and more consistent with the approach taken in other public sectors, individual members of the public are surveyed with the aim of directly eliciting a preference-based – also known as a willingness-to-pay-based (WTP-based) - value of a QALY.
- healthcare budgets
- health economics