Designing ethical policies is illustrated with two real examples. The first, allocating cadaver kidneys for transplantation, needs to develop a policy that satisfies the two conflicting fundamental values of equality and efficiency. Equality would require a lottery or a first-come, first-served policy. Efficiency would allocate kidneys to the candidates who would benefit the most. Because neither value may be dismissed, the values must be compromised. That compromise happens in two ways: by compromising the values of equality and efficiency within a policy at a time, and by cycling across policies over time, shifting the preference given to the two values back-and-forth. The second example is an illuminating account of how the National Institute for Health and Clinical Excellence in England and Wales designed a deliberative process for assessing the cost effectiveness of health care technologies.