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dc.contributor.authorGroot, Wimen_US
dc.contributor.authorMaassen van den Brink, Henriëtteen_US
dc.contributor.authorPlug, Eriken_US
dc.date.accessioned2009-01-28T16:17:12Z-
dc.date.available2009-01-28T16:17:12Z-
dc.date.issued2002en_US
dc.identifier.urihttp://hdl.handle.net/10419/20840-
dc.description.abstractThis paper introduces a new method to calculate the extent to which individuals are willing to trade money for improvements in their health status. An individual welfare function of income (WFI) is applied to calculate the compensating income variation of health impairments. We believe that this approach avoids various drawbacks of alternative willingness-to-pay methods. The WFI is used to calculate the compensating variation of cardiovascular diseases. It is found that for a 25-year old male the compensating variation of a heart disease ranges from 160,000 Euro to 430,000 Euro depending on the welfare level. This is about 8,000 to 32,000 Euro for an additional life year, depending on the quality of life. The compensating variation declines with age and is lower for women than for men. The estimates further vary by the discount rate chosen. The estimates of the compensating variation are generally higher than the money spent on heart related medical interventions per QALY.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesIZA Discussion paper series 653en_US
dc.subject.jelI10en_US
dc.subject.jelI12en_US
dc.subject.ddc330en_US
dc.subject.keywordcompensating income variationsen_US
dc.subject.keywordcardiovascular diseaseen_US
dc.subject.keywordsubjective incomeen_US
dc.subject.stwGesundheiten_US
dc.subject.stwHerzkrankheiten_US
dc.subject.stwKosten-Nutzen-Analyseen_US
dc.subject.stwKompensationslösungen_US
dc.subject.stwNiederlandeen_US
dc.titleMoney for Health: The Compensating Variation of Cardiovascular Diseasesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn361270607en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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