The quality of QALYs (quality-adjusted-life-years): do QALYs measure what they at least intend to measure?
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This note alerts the readers to the fact that QALYs (quality-adjusted-life-years) do not stem directly from the individual's utility function and thus, at best, only partly reflect an individual's true preferences. This might lead to the choice of the non-preferred alternative due to the misrepresentation of the individual's preference. This is illustrated by using a simple example from Mehrez and Gafni (1989).
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