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Principles in Health Economics and Policy$
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Jan Abel Olsen

Print publication date: 2017

Print ISBN-13: 9780198794837

Published to Oxford Scholarship Online: September 2017

DOI: 10.1093/oso/9780198794837.001.0001

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Economic evaluation and priority setting: an overview

Economic evaluation and priority setting: an overview

(p.205) Chapter 17 Economic evaluation and priority setting: an overview
Principles in Health Economics and Policy

Jan Abel Olsen

Oxford University Press

This chapter provides an overview of the methodologies that come under the umbrella term of economic evaluation in healthcare. Economic evaluations seek to identify, measure, value, and compare alternative programmes. A taxonomy is developed to distinguish economic evaluation techniques depending on whether benefits have been measured in money terms or not, and whether benefits are based on preferences or not. When benefits are measured in money terms, it is referred to as a cost–benefit analysis (CBA). If benefits are measured in health terms, some sort of cost-effectiveness analysis (CEA) is being used. An important class of CEA is what has come to be labelled ‘cost-utility-analysis’ (CUA). The chapter explains the incremental cost-effectiveness ratio (ICER) and illustrates the cost-effectiveness plane. Finally, the idea of discounting health is discussed.

Keywords:   economic evaluation, cost–benefit analysis (CBA), cost-effectiveness analysis (CEA), cost–utility analysis (CUA), incremental cost-effectiveness ratio (ICER), cost-effectiveness plane, discounting health

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