Thursday, March 20, 2008

Something I Need to go through More Carefully

by Ken Houghton

A marvelous post from Andrew at Statistical Modeling etc. which evolves in the comments into a discussion of Willingness to Pay (WTP) vs. QALYs.

For some reason, economists seems to prefer the former to the latter. Which is strange, because it is intuitively easier to build a realistic Health Economics model using QALYs and treating insurance premia as an investment than the current standard of treating insurance premia as a "sunk cost" and declaring Moral Hazard at all turns.

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