Unbiased Analysis of Today's Healthcare Issues
In a previous post, I answered this question from the perspective of government agencies: According to the Environmental Protection Agency, the answer is $10 million. Other agencies place use a somewhat lower number. The Food and Drug administration pegs the value at $9.5 million and the Department of Agriculture places the value at $8.9 million. However,…
According to the Environmental Protection Agency, the answer is $10 million. Other agencies place use a somewhat lower number. The Food and Drug administration pegs the value at $9.5 million and the Department of Agriculture places the value at $8.9 million. Technically, what these agencies are calculating are the value of a statistical life (VSL). …
When evaluating whether a policy or medical treatment approved, policymakers often rely on cost-benefit analysis (CBA). However, how does one measure costs and benefits? Costs are often measured in monetary terms and benefits are often measured as decreases in mortality or morbidity. One way to ensure to tradeoff cost and benefits is to monetize health…