Identify any strategies that exhibit extended dominance

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Reference no: EM133640632

Assignment:

The quiz consists of five short essay questions. One attempt is provided. After the quiz has been graded, you will be able to see any feedback I've provided.

Tip: It is highly recommended that you look over the comments I provide. My feedback (if incorporated) will typically help you perform better on the exam.

Quiz

Complete the quiz by the due date listed on the course calendar.

1. The value of life has been measured using both the willingness-to-pay and human capital approaches. Which of these do you find more appealing and why?

2. Many medical procedures have initial costs (such as a surgical procedure) and benefits that extend 20+ years in the future. You have determined that the cost-benefit test passes when using a 2% discount rate as well as when using a 5% discount rate. Which rate should you use to provide the most confident evidence that the benefits exceed the costs and why?

3. Consider the benefits and costs of various treatment options for heart disease listed below

Strategy Cost QALY's saved

A. $0 0

B. $50 2

C. $150 8

D. $200 6

E. $300 12

F. $400 15

Part A: Identify any strategies that are strictly dominated and explain why.

Part B: Identify any strategies that exhibit extended dominance and explain why.

Part C: List the ICER's for all non-dominated strategies.

4. Suppose I purchase a ski helmet for $35. If wearing the helmet while skiing is expected to save two lives out every 100,000 people, what is my minimum value of life to make purchasing the helmet worthwhile?

5. Explain the main difference between cost-benefit analysis and cost-effectiveness analysis.

Reference no: EM133640632

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