Although the COI and contingent valuation are the two most common methods, other methods

have been used in certain circumstances. The method the benefit analyst chooses to value a

Aggregation, Pooling, and Valuation

BenMAP User's Manual 165 October 2012

particular health endpoint will depend in part on what is available. The unit values currently

available for use in BenMAP are data or estimates that have been collected or generated by

researchers and can be readily obtained in publicly available databases or in the open literature.

When reviewing the economic literature to determine the appropriate valuation functions to use, it

is important to have an economist assist.

7.1.1.1 Valuing Reductions in Premature Mortality

The economics literature discussing the value of changes in fatality risks is extensive and provides

a basis for monetizing benefits when the number of deaths avoided as a result of a regulatory

action can be calculated, but the literature on certain issues regarding the appropriate method for

valuing reductions in premature mortality risk is still developing. Issues such as the appropriate

discount rate and whether there are factors, such as age or the quality of life, that should be taken

into consideration when estimating the value of avoided premature mortality are still under

discussion. BenMAP currently offers a variety of options reflecting the uncertainty surrounding

the unit value for premature mortality. See the appendix on Economic Value of Health Effects for

more detail on the valuation functions available in BenMAP.

 

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