Health-related quality of life and compensating income variation for 18 health conditions in Iceland
Using data from an Icelandic health and well-being survey, carried out in 2007, 2009, and 2012, we estimate the value of health-related suffering in two different ways. Our primary aim is to obtain the monetary compensation needed to maintain the same level of well-being with and without 18 health c...
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ftrepec:oai:RePEc:taf:applec:v:52:y:2020:i:15:p:1656-1670 2023-05-15T16:50:43+02:00 Health-related quality of life and compensating income variation for 18 health conditions in Iceland Tinna Laufey Ásgeirsdóttir Kristín Helga Birgisdóttir Hanna Björg Henrysdóttir Thorhildur Ólafsdóttir http://hdl.handle.net/10.1080/00036846.2019.1677849 unknown http://hdl.handle.net/10.1080/00036846.2019.1677849 article ftrepec 2020-12-04T13:41:49Z Using data from an Icelandic health and well-being survey, carried out in 2007, 2009, and 2012, we estimate the value of health-related suffering in two different ways. Our primary aim is to obtain the monetary compensation needed to maintain the same level of well-being with and without 18 health conditions using the compensating-income-variation approach. This method employs individual well-being measures with no hypothetical situations involved, thus offering a solution to biases of frequently used methods to value non-marketed goods. We also use zero-one normalization of regression coefficients to estimate health-related quality-of-life weights. Results from monetary valuations indicate that 1,685,594 USD are needed per year to compensate for the presence of melancholy, 206,273 USD for frequent headaches, 153,396 USD for severely low vision, and 80,824 USD for severe monthly menstrual cramps. This research adds to the literature by employing two rarely used methods to a range of health conditions. By valuing several different conditions with the same sample and methodology this research provides a ranking between the conditions, aiding policy makers in prioritizing scarce resources. We do however advise against using the normalization method for policy purposes at this point, due to the deviation of results from the general literature. Article in Journal/Newspaper Iceland RePEc (Research Papers in Economics) |
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RePEc (Research Papers in Economics) |
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description |
Using data from an Icelandic health and well-being survey, carried out in 2007, 2009, and 2012, we estimate the value of health-related suffering in two different ways. Our primary aim is to obtain the monetary compensation needed to maintain the same level of well-being with and without 18 health conditions using the compensating-income-variation approach. This method employs individual well-being measures with no hypothetical situations involved, thus offering a solution to biases of frequently used methods to value non-marketed goods. We also use zero-one normalization of regression coefficients to estimate health-related quality-of-life weights. Results from monetary valuations indicate that 1,685,594 USD are needed per year to compensate for the presence of melancholy, 206,273 USD for frequent headaches, 153,396 USD for severely low vision, and 80,824 USD for severe monthly menstrual cramps. This research adds to the literature by employing two rarely used methods to a range of health conditions. By valuing several different conditions with the same sample and methodology this research provides a ranking between the conditions, aiding policy makers in prioritizing scarce resources. We do however advise against using the normalization method for policy purposes at this point, due to the deviation of results from the general literature. |
format |
Article in Journal/Newspaper |
author |
Tinna Laufey Ásgeirsdóttir Kristín Helga Birgisdóttir Hanna Björg Henrysdóttir Thorhildur Ólafsdóttir |
spellingShingle |
Tinna Laufey Ásgeirsdóttir Kristín Helga Birgisdóttir Hanna Björg Henrysdóttir Thorhildur Ólafsdóttir Health-related quality of life and compensating income variation for 18 health conditions in Iceland |
author_facet |
Tinna Laufey Ásgeirsdóttir Kristín Helga Birgisdóttir Hanna Björg Henrysdóttir Thorhildur Ólafsdóttir |
author_sort |
Tinna Laufey Ásgeirsdóttir |
title |
Health-related quality of life and compensating income variation for 18 health conditions in Iceland |
title_short |
Health-related quality of life and compensating income variation for 18 health conditions in Iceland |
title_full |
Health-related quality of life and compensating income variation for 18 health conditions in Iceland |
title_fullStr |
Health-related quality of life and compensating income variation for 18 health conditions in Iceland |
title_full_unstemmed |
Health-related quality of life and compensating income variation for 18 health conditions in Iceland |
title_sort |
health-related quality of life and compensating income variation for 18 health conditions in iceland |
url |
http://hdl.handle.net/10.1080/00036846.2019.1677849 |
genre |
Iceland |
genre_facet |
Iceland |
op_relation |
http://hdl.handle.net/10.1080/00036846.2019.1677849 |
_version_ |
1766040830364090368 |