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Cost-Effectiveness in Health and Medicine$
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Peter J. Neumann, Theodore G. Ganiats, Louise B. Russell, Gillian D. Sanders, and Joanna E. Siegel

Print publication date: 2016

Print ISBN-13: 9780190492939

Published to Oxford Scholarship Online: November 2016

DOI: 10.1093/acprof:oso/9780190492939.001.0001

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Discounting in Cost-Effectiveness Analysis

Discounting in Cost-Effectiveness Analysis

(p.277) 10 Discounting in Cost-Effectiveness Analysis
Cost-Effectiveness in Health and Medicine

Anirban Basu

Theodore G. Ganiats

Oxford University Press

This chapter, which covers the role of discounting, follows the recommendations of the original Panel, as well as other economic evaluation guidelines, in recommending that analysts discount future costs and health effects, presenting cost-effectiveness ratios in present value terms so that decision makers can compare each ratio from the same temporal baseline. The chapter updates the original Panel’s discussion of rationales for discounting and different approaches for selecting discount rates. The chapter follows the original Panel in recommending that in Reference Case analyses, costs and health effects should be discounted at the same rate and presents the Second Panel recommendation to continue to use 3% as the most appropriate real discount rate for CEAs, while acknowledging the continued importance of sensitivity analyses.

Keywords:   Cost-effectiveness analysis, discounting, time preference, rationale, Reference Case, health outcomes, costs

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