Valuing Health for Regulatory Cost-Effectiveness Analysis
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Willingness to Pay (WTP):
When used to value desirable benefits in BCA, the maximum amount of money that an individual would voluntarily exchange to obtain an improvement, given his or her budget constraints.
Years of Healthy Life (YHL):
A duration of life that is discounted by a fraction between 0 and 1 that estimates the quality of life during a given period.