Abstract
Disability is a consequence of some injuries and diseases, which reduces quality of life. Similar to the value of statistical life (VSL), there is a need for valuing the loss of life quality due to injuries and diseases for evaluating safety and health improvement policies. Two measures, namely quality adjusted life year (QALY) and disability adjusted life year (DALY) are discussed here. These measures help test the cost effectiveness of safety and health improvement interventions. This is done through comparing cost per QALY gained or cost per DALY averted with a threshold value considered the minimum value to society of these consequences. However, this does not help select interventions that provide the best value for money, that is the most efficient interventions. To carry out a cost–benefit analysis to ensure value for money, it is necessary to compare these costs with the monetary values of benefits achievable by these interventions. Different methods of estimating these monetary values are discussed, along with their limitations and the need for further research.
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