Scandinavian Working Papers in Economics

Working Papers,
Copenhagen Business School, Department of Economics

No 11-2023: Productivity and quality-adjusted life years: QALYs, PALYs and beyond

Kristian S. Hansen (), Juan D. Moreno-Ternero () and Lars P. Østerdal ()
Additional contact information
Kristian S. Hansen: National Research Centre for the Working Environment (NFA)
Juan D. Moreno-Ternero: Department of Economics, Universidad Pablo de Olavide
Lars P. Østerdal: Department of Economics, Copenhagen Business School, Postal: Copenhagen Business School, Department of Economics, Porcelaenshaven 16 A. 1. floor, DK-2000 Frederiksberg, Denmark

Abstract: We develop a general framework for the evaluation of health and productivity of a population of individuals. In such a framework, we characterize Productivity-and-Quality-Adjusted Life Years evaluation functions, which range from the classical Quality-Adjusted Life Years (QALYs) to its polar Productivity-Adjusted Life Years (PALYs). Our frame-work and characterization results provide a new normative basis for the economic evalu-ation of health care or occupational health and safety policies.

Keywords: Health; productivity; QALYs; PALYs; axioms

JEL-codes: D63; I10; J24

Language: English

37 pages, October 23, 2023

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