Theoretical Foundations of Cost-Effectiveness Analysis

Abstract

Abstract Cost-effectiveness analysis (CEA) informs resource allocation decisions in health and medicine: How well it does so depends on the comparability and consistency of analyses of diverse interventions. But even a cursory examination of the literature reveals that investigators have made different assumptions about such issues as which costs and effects should be included in the analysis, which rate (if any) should be used to discount health effects that occur in the future, and the ways in which the cost of people’s time should be incorporated. In the absence of uniform methods and perspectives-or of time-consuming efforts to reconstruct analyses that have used disparate methods-the results of different analyses cannot be compared.

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