Valuing lives and life years: anomalies, implications, and an alternative

2008 ◽  
Vol 3 (3) ◽  
pp. 277-300 ◽  
Author(s):  
PAUL DOLAN ◽  
ROBERT METCALFE ◽  
VICKI MUNRO ◽  
MICHAEL C. CHRISTENSEN
Keyword(s):  
Stated Preference ◽  
Well Being ◽  
Quality Adjusted Life Year ◽  
Revealed Preferences ◽  
Subjective Well Being ◽  
Government Interventions ◽  
Statistical Life ◽  
Risk Of Death ◽  
Life Years ◽  
Starting Point

AbstractMany government interventions seek to reduce the risk of death. The value of preventing a fatality (VPF) is the monetary amount associated with each statistical death that an intervention can be expected to prevent. The VPF has been estimated using a preference-based approach, either by observing market behaviour (revealed preferences) or by asking hypothetical questions that seek to replicate the market (stated preferences). The VPF has been shown to differ across and within these methods. In theory, the VPF should vary according to factors such as baseline and background risk, but, in practice, the estimates vary more by theoretically irrelevant factors, such as the starting point in stated preference studies. This variation makes it difficult to choose one unique VPF. The theoretically irrelevant factors also affect the estimates of the monetary value of a statistical life year and the value of a quality-adjusted life year. In light of such problems, it may be fruitful to focus more research efforts on generating the VPF using an approach based on the subjective well-being associated with different states of the world.

scholarly journals The influence of social distancing on employee well-being: a conceptual framework and research agenda

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sven Tuzovic ◽  
Sertan Kabadayi
Keyword(s):  
Conceptual Framework ◽  
Research Agenda ◽  
Well Being ◽  
Subjective Well Being ◽  
Content Type ◽  
Theoretical Concepts ◽  
Social Distancing ◽  
Starting Point ◽  
Service Continuity ◽  
The Impact

PurposeThe ongoing pandemic caused by the coronavirus disease 2019 (COVID-19) virus has severely influenced lives and livelihoods. As service organizations either face hibernation or continuity of their business operations, the impact of social distancing measures raises major concerns for the well-being of service employees. In this paper, the authors develop a conceptual framework to examine how different social distancing practices impact an organization's service continuity or service hibernation, which in turn affects different dimensions of their employee subjective well-being during the COVID-19 pandemic.Design/methodology/approachThe authors draw on macroeconomic data and industrial reports, linking them to theoretical concepts to develop a conceptual framework and a research agenda to serve as a starting point to fully understand the impact of this pandemic on employee well-being.FindingsThis article develops an overarching framework and research agenda to investigate the impact of social distancing practices on employee well-being.Originality/valueThe authors propose two opposing business concepts – service continuity and service hibernation – as possible responses to social distancing measures. By bridging different theoretical domains, the authors suggeste that there is a need to holistically examine macro-, meso- and micro-level factors to fully understand the impact of social distancing–related measures on employee well-being.

Economic Perspective on the Value of Cats and Dogs

2019 ◽  
Vol 27 (5-6) ◽  
pp. 595-613
Author(s):  
Ruben Hoffmann ◽  
Carl-Johan Lagerkvist ◽  
Malin Hagberg Gustavsson ◽  
Bodil Ström Holst
Keyword(s):  
Online Survey ◽  
Economic Value ◽  
Well Being ◽  
Future Research ◽  
Subjective Well Being ◽  
Economic Values ◽  
Proposed Model ◽  
Starting Point ◽  
Use Values ◽  
Good Starting Point

AbstractAlthough various benefits of cats and dogs have been extensively studied, their fundamental economic value is poorly understood. Economic values are, in contrast to monetary values, determined subjectively and guide individuals in their decisions. This study presents a conceptual economic model of the value of cats and dogs which provides a basis for future research. Benefits of cats and dogs identified in the literature are categorized in relation to the model. The multidimensional value of these nonhuman animals includes different use and non-use values, for caretakers and other humans. Data from an online survey on the salience (importance of attributes in memory) of cats and dogs in Sweden provide support for the proposed model. It is argued that the subjective well-being approach developed in psychology provides a good starting point for estimating many of the economic values of these animals, but that different types of values may require different approaches.

scholarly journals Psychological Capital in Educational Context: Lifelong Learning and Beyond Hope

2021 ◽  
Vol 9 (3) ◽  
pp. 1
Author(s):  
Mei-Ling, Lin
Keyword(s):  
Social Change ◽  
Academic Success ◽  
Lifelong Learning ◽  
Psychological Capital ◽  
Well Being ◽  
Subjective Well Being ◽  
Happy Life ◽  
Human Needs ◽  
Life Years ◽  
Relevant Variables

The world of work is constantly changing whereby innovation and challenges requires oneself to be competitive. Although, human capital and social capital are vital to the success, psychological capital (PsyCap) has been proposed as a new complementary concept that remains in success. Research proves that hope is a good predictor of subjective well-being. Promoting academic PsyCap helps achieve academic success. The author attempts to draw parallels to consider the construct of PsyCap that can predict educational success, substantiates the assumptions in light of results of survey “Psychological Perspectives on Perceived Hope”, and highlights the significant relationships between hope, PsyCap and other relevant variables that impact educational and future life success. These dynamics of lifelong learning, hope, and psychological capital needs further empirical clarification. The purpose of this paper is to present the local results, especially the assessment of the social and psychological aspects of hope in relation to lifelong learning. Accordingly, the paper has three aims: Firstly, what is the role of the demographic structure of the samples in enabling social change (optimism and enthusiasm, happy life years, self-efficacy) and hope of life (well-being, basic human needs, life satisfaction)? Secondly, what are the predictability of social change and hope of life? Thirdly, what are the correlation of social change and hope of life? These research questions capture broader social and psychological debates about the topics of lifelong learning, social exclusion, well-being, hope and psychological capital, and they also assist us to progress the discussions around the hope for a good life. SPSS (t-test, ANOVA, multiple regression analysis, canonical correlation analysis) is utilized to gather descriptive statistics.

Maximizing Happiness?

2000 ◽  
Vol 1 (2) ◽  
pp. 145-167 ◽  
Author(s):  
Bruno S. Frey ◽  
Alois Stutzer
Keyword(s):  
Economic Policy ◽  
Life Satisfaction ◽  
Social Welfare ◽  
Social Welfare Function ◽  
Well Being ◽  
Revealed Preferences ◽  
Subjective Well Being ◽  
Individual Utility ◽  
Institutional Approach ◽  
Decision Utility

Abstract The measurement of individual happiness challenges the notion that revealed preferences only reliably and empirically reflect individual utility. Reported subjective well-being is a broader concept than traditional decision utility; it also includes concepts like experience and procedural utility. Micro- and macroeconometric happiness functions offer new insights on determinants of life satisfaction. However, one should not leap to the conclusion that happiness should be maximized, as was suggested for social welfare function maximization. In contrast, happiness research strengthens the validity of an institutional approach, such as reflected in the theory of democratic economic policy.

scholarly journals ANALISIS NILAI WILLINGNESS TO PAY PER QUALITY ADJUSTED LIFE YEAR TERAPI PENYAKIT MODERATE MASYARAKAT DI KOTA BANJARMASIN TAHUN 2019

2020 ◽  
Vol 4 (1) ◽  
pp. 1-11
Author(s):  
Melviani ◽  
Setia Budi
Keyword(s):  
Willingness To Pay ◽  
Stated Preference ◽  
Quality Adjusted Life Year ◽  
Cost Utility ◽  
Quality Adjusted Life Years ◽  
Utility Analysis ◽  
Cross Sectional ◽  
Bivariate Correlation ◽  
Life Years ◽  
Quality Adjusted Life

Pelayanan kesehatan di Indonesia belum maksimal dalam memenuhi kebutuhan pasien dengan penyakit moderate. Pendekatan farmakoekonomi yang paling direkomendasikan dalam rangka kendali mutu dan biaya adalah cost utility analysis. Interpretasi terhadap nilai rasio efektivitas biaya tersebut membutuhkan cost effectiveness threshold untuk menentukan suatu teknologi kesehatan bersifat costeffective atau tidak. Salah satu pendekatan yang dapat dilakukan adalah dengan estimasi nilai willingness to pay per quality adjusted life years. Tujuan penelitian adalah menganalisis nilai estimasi willingness to pay per quality adjusted life year pada penyakit moderate di masyarakat di Kota Banjarmasin dan faktor-faktor yang mempengaruhi WTP per QALY. Metode penelitian menggunakan pendekatan cross-sectional. Survei dilakukan pada masyarakat di Kota Banjarmasin tahun 2019 menggunakan metode stated preference dengan pendekatan contingent valuation. Jumlah sampel sebanyak 100 responden. Instrumen penelitian ini berupa kuesioner yang terdiri dari pengukuran nilai WTP menggunakan metode dichotomous bidding game, pengukuran utility menggunakan EQ-5D berdasarkan skenario hipotetik nilai utility penyakit moderate. Analisis mengunakan bivariate correlation analysis spearman.  Hasil penelitian menunjukan Rata-rata WTP per QALY EQ-5D-5L Rp19.538.910 dan analisis variabel karakteristik responden terhadap WTP per QALY di dapatkan R square 0,397(p=0,026) yang artinya bahwa 39% secara bersama-sama variabel dependen akan mempengaruhi WTP per QALY. Penelitian ini diharapkan dapat memberi masukan terhadap CE-Threshold berdasarkan preferensi masyarakat

scholarly journals VARIABLES SOCIOEMOCIONALES Y BIENESTAR PSICOLÓGICO EN PERSONAS MAYORES

2016 ◽  
Vol 1 (2) ◽  
pp. 21
Author(s):  
Heriberto Javier Rodríguez-Mateo ◽  
Elena Díaz Negrín ◽  
Ana María Torrecillas Martín ◽  
Isabel María Luján Henríquez ◽  
Raquel Irene Rodríguez Rodríguez
Keyword(s):  
Well Being ◽  
The Elderly ◽  
Point Of View ◽  
Subjective Well Being ◽  
Social Dimensions ◽  
General Terms ◽  
Life Years ◽  
Broad Concept ◽  
The Individual ◽  
Bienestar Psicologico

Abstract.The study of well-being is especially interesting in the case of the elderly, located at a vital time when limiting life in a quantitative sense is more evident, in which the disease and disorders are more likely to increase, and in which the quality of life years left to live and their promotion is essential (Satorres, 2013). The psychological well-being is a broad concept that includes social dimensions, subjective and psychological as well as behaviors related to health in general, that lead people to work in a positive way. The term happiness is too ambitious; however the individual subjective well-being (BIS) allows to measure the degree of happiness or satisfaction that, in general terms, predominates in each according to his own point of view. On the other hand, the constructive thought, in their different scales and facets, are in reality variables socio emotional functions which enables us to face the world and reality. The research group of the ULPGC INDEPSI has conducted an investigation to relate these two constructs (constructive thought and subjective wellbeing individual) in a group with ages between 57 and 87 years (n=96) who receive university studies for older, using for this purpose the inventory of constructive thought emotional (Epstein, 2012) and the questionnaire BIS-HERNAN (Hernández, 1996 and 2000) that measure different aspects of happiness. The results indicate that the factors that attaches the happiness and unhappiness are of a different nature; that there are significant differences (p<0.05) between the valuation of the past and future happiness in comparison with the present and that having a good emotional coping and little suspicion are significant predictors of happiness.Key words: constructive thought, individual subjective well-being, elderly, variables socio emotional functions, happiness.Resumen.El estudio del bienestar  es especialmente interesante en el caso de las personas mayores, situadas en un momento vital en el que la limitación de la vida en un sentido cuantitativo es más evidente, en el que la enfermedad y  las disfunciones tienen más probabilidad de aumento, y en el que la calidad de los años de vida que quedan por vivir y su promoción es fundamental (Satorres, 2013). El bienestar psicológico es un concepto amplio que incluye dimensiones sociales, subjetivas y psicológicas, así como comportamientos relacionados con la salud en general, que llevan a las personas a funcionar de un modo positivo. El término felicidad es demasiado ambicioso; sin embargo el Bienestar Subjetivo Individual (BIS) permite medir el grado de felicidad o de satisfacción que, en términos generales, predomina en cada uno según su propio punto de vista. Por otro lado, el pensamiento constructivo, en sus distintas escalas y facetas, son en realidad variables socioemocionales que nos permite afrontar el mundo y la realidad. El grupo de investigación INDEPSI de la ULPGC ha realizado un estudio para relacionar estos dos constructos (pensamiento constructivo y bienestar subjetivo individual) en  un grupo con edades comprendidas entre los 57 y 87 años, (n=96)  que reciben estudios universitarios para mayores, usando para ello el Inventario de Pensamiento Constructivo Emocional (Epstein, 2012) y el cuestionario BIS-HERNAN (Hernández, 1996 y 2000) que mide distintos aspectos de la felicidad. Los resultados  nos indican que los factores por los que se atribuye la felicidad y la infelicidad son de distinta naturaleza; que existen diferencias significativas (p<0.05) entre la valoración de la felicidad pasada y futura en comparación con la actual,  y que tener un buen afrontamiento emocional y poca suspicacia son predictores significativos de la felicidad.Palabras claves: pensamiento constructivo, bienestar subjetivo individual, personas mayores, variables socioemocionales, felicidad.

scholarly journals A conceptual map of health-related quality of life dimensions: key lessons for a new instrument

2019 ◽  
Vol 29 (3) ◽  
pp. 733-743 ◽  
Author(s):  
Jan Abel Olsen ◽  
RoseAnne Misajon
Keyword(s):  
Well Being ◽  
Economic Evaluations ◽  
Health State ◽  
Subjective Well Being ◽  
Life Years ◽  
New Instrument ◽  
Related Quality ◽  
Health Related ◽  
Definition Of ◽  
Critical Metric

Abstract Purpose Quality-adjusted life years (QALYs) represent a critical metric in economic evaluations impacting key healthcare decisions in many countries. However, there is widespread disagreement as to which is the best of the health state utility (HSU) instruments that are designed to measure the Q in the QALY. Instruments differ in their descriptive systems as well as their valuation methodologies; that is, they simply measure different things. We propose a visual framework that can be utilized to make meaningful comparisons across HSU instruments. Methods The framework expands on existing HRQoL models, by incorporating four distinctive continua, and by putting HRQoL within the broader notion of subjective well-being (SWB). Using this conceptual map, we locate the five most widely used HSU-instruments (EQ-5D, SF-6D, HUI, 15D, AQoL). Results By individually mapping dimensions onto this visual framework, we provide a clear picture of the significant conceptual and operational differences between instruments. Moreover, the conceptual map demonstrates the varying extent to which each instrument moves outside the traditional biomedical focus of physical health, to also incorporate indicators of mental health and social well-being. Conclusion Our visual comparison provides useful insights to assess the suitability of different instruments for particular purposes. Following on from this comparative analyses, we extract some important lessons for a new instrument that cover the domains of physical, mental and social aspects of health, i.e. it is in alignment with the seminal 1948 WHO definition of health.

scholarly journals Bark Beetle Epidemics, Life Satisfaction, and Economic Well-Being

Forests ◽  
2019 ◽  
Vol 10 (8) ◽  
pp. 696 ◽  
Author(s):  
Thomas Holmes ◽  
Frank Koch
Keyword(s):  
Life Satisfaction ◽  
Large Scale ◽  
Mountain Pine Beetle ◽  
Stated Preference ◽  
Well Being ◽  
Nonmarket Valuation ◽  
Subjective Well Being ◽  
Pine Beetle ◽  
The Impact ◽  
Life Satisfaction Approach

Evidence of increased biotic disturbances in forests due to climate change is accumulating, necessitating the development of new approaches for understanding the impacts of natural disturbances on human well-being. The recent Mountain Pine Beetle (MPB) outbreak in the western United States, which was historically unprecedented in scale, provides an opportunity for testing the adequacy of the life satisfaction approach (LSA) to estimate the impact of large-scale forest mortality on subjective well-being. Prior research in this region used the hedonic method (HM) to estimate the economic impacts of the MPB outbreak, and results are used here to evaluate the reasonableness of economic estimates based upon the LSA. While economic estimates based upon the LSA model do not appear to be unreasonable, several limitations in using the LSA for nonmarket valuations are discussed. New avenues for research that link the LSA with stated preference methods are discussed that appear likely to address major concerns with standard LSA models as used in nonmarket valuation.

Subjective Well-Being in Economics

2016 ◽  
Author(s):  
Carol Graham
Keyword(s):  
Well Being ◽  
Welfare Effects ◽  
Self Control ◽  
Control Problems ◽  
Revealed Preferences ◽  
Subjective Well Being ◽  
Limited Information ◽  
Daily Experience ◽  
The Life Course

Subjective well-being in economics relies on more expansive notions of utility than do conventional economics approaches and provides metrics to assess the income and nonincome dimensions of well-being. The metrics are well suited to questions where revealed preferences provide limited information, such as the welfare effects of macroeconomic arrangements individuals are powerless to change, and on behaviors that result from lack of choice or addiction and self-control problems. Current scholarship distinguishes between hedonic well-being, which encompasses daily experience and quality of life, and evaluative well-being, which encompasses well-being over the life course, including opportunity and life fulfillment (eudemonia). Some research aims to understand the causal properties of subjective well-being, and finds that higher levels are associated with better health, labor market performance, and willingness to invest in the future. Despite the contribution this approach can make and the efforts of a number of governments to utilize it, methodological challenges remain.

OP95 An Update On The Economic Value Of A Statistical Life Year In Europe

2017 ◽  
Vol 33 (S1) ◽  
pp. 44-44
Author(s):  
Michael Schlander ◽  
Ramon Schaefer ◽  
Oliver Schwarz
Keyword(s):  
Stated Preference ◽  
Statistical Significance ◽  
Economic Value ◽  
Consumer Price Index ◽  
Revealed Preference ◽  
Reference Value ◽  
Original Data ◽  
Quality Adjusted Life Year ◽  
Statistical Life ◽  
Data Capturing

INTRODUCTION:Evaluation of “value for money” is an important component of Health Technology Assessments (HTAs). It is often conceptualized as “cost effectiveness” or cost per (quality-adjusted) life year gained. Whether used in isolation or alongside further drivers of social value (such as priority for younger or more severely impaired patient groups, or for access to effective treatment, even if costly), for example within a multi-criteria decision analysis framework, any reference “value of a statistical life year” (VSLY) should be supported by empirical data capturing the preferences of the population(s) in question. Here we report results based on a systematic review of relevant European economic studies, which were published during the last two decades, that is, from 1995 to 2015.METHODS:Our literature search (using the EconBiz and EconLit databases, supplemented by an analysis of relevant reviews) identified fourty-one European studies providing original data, yielding a total of fourty-eight average estimates for the value of a statistical life (VSL, or fatality prevented). We classified studies by methodology, for example, revealed preference (RP) or stated preference (contingent valuation, CV; discrete choice experiment, DCE) approach. We transformed VSL estimates into VSLY expressed in year 2014 Euros, using the life expectancy of the populations studied, a real discount rate of 3 percent, the national Consumer Price Index (CPI) for inflating, and purchasing power parities for currency conversion. We calculated confidence intervals by means of nonparametric bootstrapping.RESULTS:The median VSLY was EUR158,000 (for RP studies, EUR218,000; DCE, EUR188,000; CV, EUR143,000); we did not identify studies using the human capital approach. Our VSLY estimates showed large heterogeneity, both by methodology and regional origin; thus the differences that we observed did not reach statistical significance.CONCLUSIONS:Our results suggest that the empirical willingness-to-pay for a statistical life year might be substantially higher than benchmarks currently used by the international HTA community.

Sign in / Sign up

Export Citation Format

Share Document