Value Set
The complete collection of utility weights from a population valuation study, used to convert every combination of instrument responses into a utility score.
Encyclopaedia
Explore comprehensive, evidence-informed explanations of key health economics concepts, including their development, application and relationships to other concepts. Published entries are validated through human expert review.
Value Set Development
The process of designing, conducting, and analysing a population valuation study to produce a scoring algorithm for a health status instrument.
Variance Analysis
A technique for decomposing the difference between budgeted and actual financial results into component causes, such as price and volume effects.
Visual Analogue Scale
A health state valuation method in which respondents mark a perceived health state on a continuous line anchored between worst and best imaginable health.
Weak Dominance
A situation where an intervention is inferior not to any single alternative but to a combination of two other available options.
Willingness to Accept
The minimum compensation an individual would require to voluntarily give up a good or accept a worse outcome.
Willingness to Pay
The maximum amount of money an individual would give up to obtain a good or avoid a negative outcome.
Willingness-to-Pay Estimation
The empirical process of measuring willingness to pay, typically through stated preference methods such as contingent valuation or discrete choice experiments.
Willingness-to-Pay Threshold
The maximum amount a decision-maker is prepared to pay for an additional unit of health benefit, used to judge acceptable value for money.
Years Lived with Disability
A component of the disability-adjusted life year representing healthy years lost to a non-fatal condition, found by multiplying its prevalence by its disability weight.
Yld Calculation
The process of computing years lived with disability by multiplying the prevalent cases of a condition by its average duration and disability weight.
Yll Calculation
The process of computing years of life lost by summing, across all deaths from a cause, the gap between age at death and standard life expectancy.