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Valuing Health and Life

In: Medical Decision Making

Author

Listed:
  • Stefan Felder

    (University of Basel)

  • Thomas Mayrhofer

    (Stralsund University of Applied Sciences)

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.

Suggested Citation

  • Stefan Felder & Thomas Mayrhofer, 2022. "Valuing Health and Life," Springer Books, in: Medical Decision Making, edition 3, chapter 0, pages 233-260, Springer.
    • Handle: RePEc:spr:sprchp:978-3-662-64654-0_11
    DOI: 10.1007/978-3-662-64654-0_11
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