Cost-Effectiveness

Erik Groessl

The term cost-effectiveness has been used in a number of different contexts and can have a number of different intended meanings. In the broadest sense, the term cost-effectiveness has been used to describe whether the value that something produces is worth what it costs. For example, a person may state that it was cost effective to hire a new employee because the new employee's productivity has increased revenues. In the context of health and behavior, cost-effectiveness can also be used broadly or more specifically. In the broader sense, it describes the methods and results of a group of analyses that compare how much a health investment or intervention costs with how much health value it produces. When used more broadly, health value or health benefit may be measured in many different types of units such as reduced mortality, dollars saved, or increase in health utility. In the more specific Admittedly, ...

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