Although difficult, valuing health is crucial to inform health policy. The ConCIV research group uses and further enhances the compensating income variation (CIV) method to estimate the sufficient monetary compensation needed to offset the welfare losses associated with the presence of sub-optimal health conditions. The statistical association between income, health, and well-being is used to generate an implied trade-off between income and health. Despite methodological advantages over other willingness-to-pay methods, the CIV literature is still very limited in its application to health conditions.
The Consortium on Compensating Income Variation includes scholars from various countries and at various stages in their carrer. It is led by Professor Tinna Laufey Asgeirsdottir.