ArticleThe European journal of health economics : HEPAC : health economics in prevention and care2020
Estimating the monetary value of health and capability well-being applying the well-being valuation approach.
Article in The European journal of health economics : HEPAC : health economics in prevention and care, 2020. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 9 papers, 1 of them a synthesis that pooled it.
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Who cites it
9 citing papers in PubMed, 1 synthesis or guideline pooled it.
- Willingness to Pay per QALY: A Systematic Review of Demand-Side Valuations with a Focus on Age and Disease Severity.Applied health economics and health policy · 2026Pooled it
- The value of health and well-being from a societal perspective: A willingness to pay experiment in the Netherlands.The European journal of health economics : HEPAC : health economics in prevention and care · 2026Article
- Evaluating quality of life and well-being of university students, with the EQ5D-5L, the WHO-5 Well-Being Index, and the ICECAP-A questionnaires to gain baseline data.BMC psychology · 2025Article
- Exploring the experience of informal caregivers of dependent elderly people with the well-being valuation method.Frontiers in psychiatry · 2025Article
- The Broader Opportunity Costs in the Broader Cost-Effectiveness Analysis Framework.Applied health economics and health policy · 2023Article
- Economic Evaluation Alongside a Randomized Controlled Trial of Mindfulness-Based Cognitive Therapy in Healthy Adults.Psychology research and behavior management · 2023Article
- Association of health asset value with subjective well-being, depression, health management strategy and habits in South Korea.Scientific reports · 2022Article
- The value of health-Empirical issues when estimating the monetary value of a quality-adjusted life year based on well-being data.Health economics · 2021Article
- Implications of Diminishing Lifespan Marginal Utility for Valuing Equity in Cost-Effectiveness Analysis.MDM policy & practiceArticle
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3 authors.
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Abstract
backgroundQuality 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.
methodsWe 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.
resultsThe 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.
conclusionWhile 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.
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