Foundations in welfare economics and utility theory: what should be valued?

2016 ◽  
Author(s):  
John Brazier ◽  
Julie Ratcliffe ◽  
Joshua A. Salomon ◽  
Aki Tsuchiya
Keyword(s):  
Health Care ◽  
Economic Theory ◽  
Resource Allocation ◽  
Economic Evaluation ◽  
Utility Theory ◽  
Government Intervention ◽  
Welfare Economics ◽  
Health Care Sector ◽  
Market Mechanism ◽  
Health Care Interventions

This chapter examines what is to be valued in economic evaluation of health care interventions. It starts by reviewing economic theory on resource allocation through the market mechanism and applying this to the health care sector. It then presents the alternative of resource allocation by government intervention and the implications this has for the use of economic evaluation and the measure of benefit. This is followed by a consideration of the welfarist foundation for a measure of health such as the QALY, and finally some non-welfarist arguments for this. The aim of this chapter is to examine what is important for the purpose of economic evaluation and, specifically, the place of the QALY measure.

scholarly journals From Flying Doctor to Virtual Doctor: An Economic Perspective on Australia's Telemedicine Experience

2002 ◽  
Vol 8 (5) ◽  
pp. 249-254 ◽  
Author(s):  
K van Gool ◽  
M R Haas ◽  
R Viney
Keyword(s):  
Health Care ◽  
Resource Allocation ◽  
Economic Evaluation ◽  
Care Delivery ◽  
Economic Evaluations ◽  
Efficient Allocation ◽  
Allocation Of Resources ◽  
Economic Perspective ◽  
Funding Mechanisms ◽  
Funding Environment

Current funding mechanisms can impede the efficient use and integration of telemedicine services. Telemedicine has developed in Australia against a background of complex funding arrangements and interwoven health-care responsibilities. These impediments are not unique to telemedicine but are accentuated by its ability to cover different locations, clinical areas and purposes. There is also a link between economic evaluation and funding mechanisms for telemedicine. While economic evaluations provide important information for the efficient allocation of resources, the funding environment in which telemedicine is established is also crucial in ensuring that services are efficient. Given these complexities, should telemedicine be funded? We conclude that this will depend on: the objectives and priorities of the health system; the efficiency of telemedicine relative to that of other forms of health-care delivery; and the funding environment. In terms of resource allocation processes, the optimum scenario is likely to be where the decision to invest in telemedicine services is made taking local needs into account, but where considerations such as market structure and network compatibility are examined on a broader scale and balanced against the principles of efficiency and equity.

scholarly journals Challenges for Economic Evaluation of Health Care Strategies to Contain Antimicrobial Resistance

Antibiotics ◽  
2019 ◽  
Vol 8 (4) ◽  
pp. 166 ◽  
Author(s):  
Emily A. F. Holmes ◽  
Dyfrig A. Hughes
Keyword(s):  
Health Care ◽  
Economic Evaluation ◽  
Antimicrobial Resistance ◽  
Health Care Providers ◽  
Quality Adjusted Life Year ◽  
Economic Evaluations ◽  
Antibiotic Prescribing ◽  
Care Providers ◽  
Short Term ◽  
Health Care Interventions

The threat of antimicrobial resistance has global health and economic consequences. Medical strategies to reduce unnecessary antibiotic prescribing, to conserve the effectiveness of current antimicrobials in the long term, inevitably result in short-term costs to health care providers. Economic evaluations of health care interventions therefore need to consider the short-term costs of interventions, to gain future benefits. This represents a challenge for health economists, not only in terms of the most appropriate methods for evaluation, but also in attributing the potential budget impact over time and considering health impacts on future populations. This commentary discusses the challenge of accurately capturing the cost-effectiveness of health care interventions aimed at tackling antimicrobial resistance. We reflect on methods to capture and incorporate the costs and health outcomes associated with antimicrobial resistance, the appropriateness of the quality-adjusted-life year (QALY), individual time preferences, and perspectives in economic evaluation.

Standardizing Methodologies for Economic Evaluation in Health Care: Practice, Problems, and Potential

1993 ◽  
Vol 9 (1) ◽  
pp. 26-36 ◽  
Author(s):  
Michael Drummond ◽  
Arno Brandt ◽  
Bryan Luce ◽  
Joan Rovira
Keyword(s):  
Health Care ◽  
Economic Evaluation ◽  
Decision Makers ◽  
Care Practice ◽  
Scientific Quality ◽  
Health Care Practice ◽  
Health Care Interventions ◽  
Analytical Work ◽  
Care Decision

AbstractThere has been an exponential growth in the literature on economic evaluation in health care. As the range and quality of analytical work has improved, economic studies are becoming more influential with health care decision makers. The development of standards for economic evaluation methods would help maintain the scientific quality of studies, facilitate the comparison of economic evaluation results for different health care interventions, and assist in the interpretation of results from setting to setting. However, standardization might unnecessarily stifle methodological developments. This paper reviews the arguments for and against standardization, assesses attempts to date, outlines the main areas of agreement and disagreement on methods for economic evaluation, and makes recommendations for further work.

Comparison of alternative methods of collection of service use data for the economic evaluation of health care interventions

2007 ◽  
Vol 16 (5) ◽  
pp. 531-536 ◽  
Author(s):  
Sarah Byford ◽  
Morven Leese ◽  
Martin Knapp ◽  
Helen Seivewright ◽  
Susan Cameron ◽  
...  
Keyword(s):  
Health Care ◽  
Economic Evaluation ◽  
Service Use ◽  
Alternative Methods ◽  
Health Care Interventions

The efficiency frontier approach to economic evaluation of health-care interventions

2010 ◽  
Vol 19 (10) ◽  
pp. 1117-1127 ◽  
Author(s):  
J. Jaime Caro ◽  
Erik Nord ◽  
Uwe Siebert ◽  
Alistair McGuire ◽  
Maurice McGregor ◽  
...  
Keyword(s):  
Health Care ◽  
Economic Evaluation ◽  
Efficiency Frontier ◽  
Health Care Interventions

Market or government: who plays a decisive role in R&D resource allocation?

2019 ◽  
Vol 9 (1) ◽  
pp. 110-136 ◽  
Author(s):  
Shoufu Xu ◽  
Xuehui He ◽  
Longbing Xu
Keyword(s):  
Resource Allocation ◽  
Stock Prices ◽  
Government Intervention ◽  
Decisive Role ◽  
Market Mechanism ◽  
Market Valuation ◽  
Content Type ◽  
The Impact ◽  
The Relationship ◽  
D Investment

Purpose The purpose of this paper is to empirically investigate the impact of equity market valuation and government intervention on the research and development (R&D) investments of listed companies in China and their relationship. Design/methodology/approach Using a manually collected R&D database in the period 2007–2015, this paper constructs a sample of 6,595 firm–year observations and applies the methods of pooled OLS regressions to examine the effects of market valuation and government intervention on corporate R&D expenditures. Findings This paper finds that market valuation enhances corporate R&D investments, but there is no evidence that government intervention may significantly affect the R&D investments. Government intervention also decreases the sensitivity of corporate R&D investment to stock price, which implies that government intervention weakens the promotion of market mechanism to corporate R&D investment. Furthermore, these effects are stronger in the non-state-owned firms and the non-regulated industries. Practical implications This study suggests that the functional borders of markets and government should be reasonably defined and markets play a decisive role in resource allocation to improve corporate innovation and national innovation. Originality/value This paper provides a micro view of the relationship between market and government at the stage of transitional economy in China as well as directions for further research on the relationship between stock prices and corporate investments.

Economic Evaluation and Cost-Effectiveness of Health Care Interventions

2020 ◽  
pp. 301-315
Author(s):  
Nicky J Welton ◽  
Mark Strong ◽  
Christopher Jackson ◽  
Gianluca Baio
Keyword(s):  
Health Care ◽  
Economic Evaluation ◽  
Cost Effectiveness ◽  
Health Care Interventions
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