A major problem in health economics is how to give a value to changes in health. This is the first book to examine all the money measures that are used in such evaluations. Changes in health might be caused by medical treatments, by public safety programmes and by anti-pollution programmes, and the cost-benefit analysis of such programmes involves the use of money measures. The author defines the properties of these money measures, examining them in both a certain and a risky world. He evaluates available empirical approaches for the assessment of the value of health changes, and considers measures such as quality-adjusted life years (qalys) and healthy-years equivalents (hyes). This book raises the important question of whether we are willing to pay the costs for our health care system. It will be of interest to advanced students of health economics and related disciplines, and will also be useful for professionals working on projects that affect human health.

"This concise and carefully written book adresses what is becomming an increasingly important issue in several field os economics." Wesley A. Magat, Journal of Economic Literature