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Quality-adjusted Life Year
The quality-adjusted life year (QALY) is a generic measure of disease burden, including both the quality and the quantity of life lived. It is used in economic evaluation to assess the value of medical interventions. One QALY equates to one year in perfect health. QALY scores range from 1 (perfect health) to 0 (dead). QALYs can be used to inform health insurance coverage determinations, treatment decisions, to evaluate programs, and to set priorities for future programs. Critics argue that the QALY oversimplifies how actual patients would assess risks and outcomes, and that its use may restrict patients with disabilities from accessing treatment. Proponents of the measure acknowledge that the QALY has some shortcomings, but that its ability to quantify tradeoffs and opportunity costs from the patient, and societal perspective make it a critical tool for equitably allocating resources. Calculation A measure of the state of health of a person or group in which the benefits, in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
QALY Graph-en
The quality-adjusted life year (QALY) is a generic measure of disease burden, including both the quality and the quantity of life lived. It is used in economic evaluation to assess the value of medical interventions. One QALY equates to one year in perfect health. QALY scores range from 1 (perfect health) to 0 (dead). QALYs can be used to inform health insurance coverage determinations, treatment decisions, to evaluate programs, and to set priorities for future programs. Critics argue that the QALY oversimplifies how actual patients would assess risks and outcomes, and that its use may restrict patients with disabilities from accessing treatment. Proponents of the measure acknowledge that the QALY has some shortcomings, but that its ability to quantify tradeoffs and opportunity costs from the patient, and societal perspective make it a critical tool for equitably allocating resources. Calculation A measure of the state of health of a person or group in which the benefits, in te ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Health Service
The National Health Service (NHS) is the term for the publicly funded health care, publicly funded healthcare systems of the United Kingdom: the National Health Service (England), NHS Scotland, NHS Wales, and Health and Social Care (Northern Ireland) which was created separately and is often referred to locally as "the NHS". The original three systems were established in 1948 (NHS Wales/GIG Cymru was founded in 1969) as part of major social reforms following the Second World War. The founding principles were that services should be comprehensive, universal and free at the point of delivery. Each service provides a comprehensive range of health services, provided without charge for residents of the United Kingdom apart from dental treatment and optical care. In England, NHS patients have to pay prescription charges; some, such as those aged over 60, or those on certain state benefits, are exempt. Taken together, the four services in 2015–16 employed around 1.6 million people ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Commission
The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informally known as "commissioners") corresponding to two thirds of the number of Member state of the European Union, member states, unless the European Council, acting unanimously, decides to alter this number. The current number of commissioners is 27, including the president. It includes an administrative body of about 32,000 European civil servants. The commission is divided into departments known as Directorate-General, Directorates-General (DGs) that can be likened to departments or Ministry (government department), ministries each headed by a director-general who is responsible to a commissioner. Currently, there is one member per European Union member state, member state, but members are bound by their oath of office to represent the genera ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Graham Loomes
Graham Loomes (born 5 August 1950) is a British economist and academic, specialising in behavioural economics. Since 2009, he has been Professor of Economics and Behavioural Science at the University of Warwick. He previously worked at the University of Newcastle, the University of York and the University of East Anglia. Early life and education Loomes was born on 5 August 1950 to Frederick and Gladys Loomes. He was educated at Christ's Hospital, a private school in Horsham, West Sussex, and at Westminster City School, then an all-boys grammar school in Westminster, London. He studied economics at the University of Essex, and graduated with a Bachelor of Arts (BA) degree in 1970. After a period as a teacher, he undertook postgraduate studies in economics at Birkbeck College, University of London and graduated with a Master of Science (MSc) degree in 1978. Academic career Loomes began his academic career as a teacher rather than a lecturer. Having graduated from university in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utilitarian
In ethical philosophy, utilitarianism is a family of normative ethical theories that prescribe actions that maximize happiness and well-being for the affected individuals. In other words, utilitarian ideas encourage actions that lead to the greatest good for the greatest number. Although different varieties of utilitarianism admit different characterizations, the basic idea that underpins them all is, in some sense, to maximize utility, which is often defined in terms of well-being or related concepts. For instance, Jeremy Bentham, the founder of utilitarianism, described ''utility'' as the capacity of actions or objects to produce benefits, such as pleasure, happiness, and good, or to prevent harm, such as pain and unhappiness, to those affected. Utilitarianism is a version of consequentialism, which states that the consequences of any action are the only standard of right and wrong. Unlike other forms of consequentialism, such as egoism and altruism, egalitarian utilita ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Incremental Cost-effectiveness Ratio
The incremental cost-effectiveness ratio (ICER) is a statistic used in cost-effectiveness analysis to summarise the cost-effectiveness of a health care intervention. It is defined by the difference in cost between two possible interventions, divided by the difference in their effect. It represents the average incremental cost associated with 1 additional unit of the measure of effect. The ICER can be estimated as: :ICER=\frac, where C_ and E_ are the cost and effect in the intervention group and where C_ and E_ are the cost and effect in the control care group. Costs are usually described in monetary units, while effects can be measured in terms of health status or another outcome of interest. A common application of the ICER is in Cost–utility analysis, cost-utility analysis, in which case the ICER is synonymous with the cost per quality-adjusted life years, quality-adjusted life year (QALY) gained. Cost-effectiveness threshold The ICER can be used as a decision rule or cost- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Neutral
In economics and finance, risk neutral preferences are preference (economics), preferences that are neither risk aversion, risk averse nor risk seeking. A risk neutral party's decisions are not affected by the degree of uncertainty in a set of outcomes, so a risk neutral party is indifferent between choices with equal expected payoffs even if one choice is riskier. Theory of the firm In the context of the theory of the firm, a risk neutral firm facing risk about the market price of its product, and caring only about profit, would maximize the expected value of its profit (with respect to its choices of labor input usage, output produced, etc.). But a risk averse firm in the same environment would typically take a more cautious approach. Portfolio theory In Modern portfolio theory, portfolio choice,Merton, Robert. "An analytic derivation of the efficient portfolio frontier," ''Journal of Financial and Quantitative Analysis'' 7, September 1972, 1851-1872. a risk neutral investor w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Office Of Technology Assessment
The Office of Technology Assessment (OTA) was an office of the United States Congress that operated from 1974 to 1995. OTA's purpose was to provide congressional members and committees with objective and authoritative analysis of the complex scientific and technical issues of the late 20th century, i.e. technology assessment. It was a leader in practicing and encouraging delivery of public services in innovative and inexpensive ways, including early involvement in the distribution of government documents through electronic publishing. Its model was widely copied around the world. The OTA was authorized in 1972 and received its first funding in fiscal year 1974. It was defunded at the end of 1995, following the 1994 mid-term elections which led to Republican control of the Senate and the House. House Republican legislators characterized the OTA as wasteful and hostile to GOP interests. Princeton University hosts The OTA Legacy site, which holds "the complete collection of OTA publi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Congress
The United States Congress is the legislature, legislative branch of the federal government of the United States. It is a Bicameralism, bicameral legislature, including a Lower house, lower body, the United States House of Representatives, U.S. House of Representatives, and an Upper house, upper body, the United States Senate, U.S. Senate. They both meet in the United States Capitol in Washington, D.C. Members of Congress are chosen through direct election, though vacancies in the Senate may be filled by a Governor (United States), governor's appointment. Congress has a total of 535 voting members, a figure which includes 100 United States senators, senators and 435 List of current members of the United States House of Representatives, representatives; the House of Representatives has 6 additional Non-voting members of the United States House of Representatives, non-voting members. The vice president of the United States, as President of the Senate, has a vote in the Senate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Technology Assessment
Technology assessment (TA, , ) is a practical process of determining the value of a new or emerging technology in and of itself or against existing technologies. This is a means of assessing and rating the new technology from the time when it was first developed to the time when it is potentially accepted by the public and authorities for further use. In essence, TA could be defined as "a form of policy research that examines short- and long term consequences (for example, societal, economic, ethical, legal) of the application of technology." General description TA is the study and evaluation of new technologies. It is a way of trying to forecast and prepare for the upcoming technological advancements and their repercussions to the society, and then make decisions based on the judgments. It is based on the conviction that new developments within, and discoveries by, the scientific community are relevant for the world at large rather than just for the scientific experts themse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Zeckhauser
Richard Jay Zeckhauser (born 1940) is an American economist and the Frank P. Ramsey Professor of Political Economy at Harvard Kennedy School at Harvard University. Life Zeckhauser holds a B.A., ''summa cum laude'', and a Ph.D. in economics from Harvard University. Early in his career, he was one of the " whiz kids" assembled by Defense Secretary Robert S. McNamara to apply cutting-edge analysis to Cold War military strategy. He is married to Sally H. Zeckhauser. He is the author or co-author of many books and over 300 peer-reviewed articles. His most significant works focus on risk management, decision sciences, investment, and policy-making under uncertainty. Zeckhauser introduced the term "ignorance" into decision-making under uncertainty, as in: there's "risk", "uncertainty", and outright "ignorance". His most recent book, with Peter Schuck, is ''Targeting in Social Programs.'' The book examines how and why to deploy scarce public resources to solve public problems. While ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
