Valuing Health and Healthcare

Valuing Health: Experimental Auctions for Health Valuation

CAHE Lead: Josh Byrnes

FUNDING: MHIQ

DESCRIPTION: Various techniques are used to estimate health state utility weights including: Time Trade off, Standard Gamble and Discrete Choice Experiments. These methods have exhibited limitations in terms of complexity, validity and reliability. This research uses a novel method for eliciting a monetary value of health related quality of life based upon experimental auctions. A convenient sample (n=120) from a population of university staff and students were invited to participate in 24 auctions with each auction comprising of five participants. In each auction, health states were described by the common EQ-5D-3L multi-attribute utility instrument. The mean annualised budget share value for each health state was estimated and correlated against the corresponding Australian utility weights previously estimated from the Time-Trade-Off approach. The estimated monetary value of a quality adjusted life year using an experimental auction approach was broadly consistent with previous estimates using willingness to pay methods and implied thresholds used by funding bodies in Australia (PBAC and MSAC). Greater empirical estimates of willingness to pay thresholds or monetary value of health have been a significant limitation in the adoption of economic evaluations of health care and technologies. Experimental auctions provide a novel approach to estimating reliable monetary values of health related quality of life.

Study Protocol (External Link)

 

Quality of Life in Cardiovascular Disease

CAHE Lead: Sanj Kularatna

FUNDING:  NHMRC Centre for Research Excellence to Reduce Inequality in Heart Disease, MHIQ

DESCRIPTION: We are developing a new cardio vascular disease specific disease specific multi attribute utility instrument. All available valid widely used cardiovascular quality of life instruments will be used to determine the items of the new multi attribute utility instruments. A heath state valuation is planned to value the health states once the new instrument is available. Current work involves a review of available quality of life instruments in CVD and a study looking at inequality of heart disease in QLD. This work is developed in parallel to the other research conducted by collaborators with the CRE in developing an instrument to measure quality of life in indigenous population in Australia.

Project Website (External Link)

 

 

 

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