title: The value of a QALY: individual willingness to pay for health gains under risk.
abstract: BACKGROUND
  There is an increased interest in the monetary value of a quality-adjusted life-year (QALY). Past studies commonly derived willingness to pay (WTP) for certain future QALY gains. However, obtaining valid WTP per QALY estimates proved to be difficult.
  
  
  OBJECTIVE
  We conducted a contingent valuation study and estimated the individual WTP per QALY under risk. We demonstrate the impact of probability weighting on WTP per QALY estimates in the Netherlands.
  
  
  RESULTS
  Our estimates of the value of a QALY are in the range of €80,000-110,000 when the weighting correction was applied, and €250,500 without correction. The validity of these estimates, applying probability weighting, appears to be good.
  
  
  CONCLUSIONS
  Given the reasonable support for their validity and practical meaningfulness, the estimates derived while correcting for probability weighting may provide valuable input for the debate on the consumption value of health. While decision makers should not apply these estimates without further consideration, since strictly individual valuations may not carry all relevant information and values for societal decision-making, the current estimates may provide a good and informed basis for further discussion and study of this important topic.
authors.affiliation: Department of Health Policy & Management and Institute for Medical Technology Assessment, Erasmus University Rotterdam (iBMG/iMTA), P.O. Box 1738, 3000 DR, Rotterdam, The Netherlands, bobinac@bmg.eur.nl.
authors.forename: Ana
authors.initials: A
authors.lastname: Bobinac
authors.forename: Job
authors.initials: J
authors.lastname: van Exel
authors.forename: Frans F H
authors.initials: FF
authors.lastname: Rutten
authors.forename: Werner B F
authors.initials: WB
authors.lastname: Brouwer
mesh_terms: D002755:Choice Behavior; D003362:Cost-Benefit Analysis; D005382:Financing, Personal; D005102:Health Expenditures; D006801:Humans; D020407:Internet; D017059:Models, Econometric; D009426:Netherlands; D011336:Probability; D019057:Quality-Adjusted Life Years; D012306:Risk; D011795:Surveys and Questionnaires