This is a summary of the presentation by Professor Daniel Kahneman, Eugene Higgins Professor of Psychology and Professor Public Affairs at the Woodrow Wilson School, Princeton University, Princeton, NJ, USA, given at the ISPOR “Building a Pragmatic Road: Moving the QALY Forward” Consensus Development Workshop, as a continuation of the discussion on an experience-based approach to health state v...

The Legislature required the Controller to contract with actuaries for California's first valuation of unfunded state retiree health liabilities. reported that the state's estimated unfunded liabilities total $48 billion. This report answers key questions concerning the valuation and identifies actions the Legislature could take to address the state's liabilities. Analyst's Office (LAO) is a no...

Valuation is often said to be “an art not a science” but this relates to the techniques employed to calculate value not to the underlying concept itself. Valuation is the process of estimating price in the market place. Yet, such an estimation will be affected by uncertainties. Uncertainty in the comparable information available; uncertainty in the current and future market conditions and uncer...

Environmental economists have long used surveys to gather information about people’s preferences. This is particularly true in the field of non-market valuation, where techniques such as contingent valuation, choice modelling and the travel cost method invariably employ some form of survey instrument. A recent innovation in survey methodology has been the advent of web-based surveys. While popu...

OBJECTIVES Generic preference-based measures such as EQ-5D are widely used to estimate quality-adjusted life-years but may not be available or, more importantly, appropriate in some medical conditions. Condition-specific preference-based measures (CSPBMs) provide an alternative to generic measures that may be more relevant in some conditions. This project conducted five studies to examine issue...

The valuation of health states is an integral part of economic evaluation studies. The source of these valuations (general public vs. patients) is surrounded by controversy. Health state values generated by the general public are often different compared with those of patients. General public values may not account for adaptation of the patients; patients' values potentially incorporate self-in...