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Using a societal perspective, measurement and valuation principles are set out in a standardcost-benefit framework.
In section 5 we discuss why the results from the intertemporal model may deviate from the predictions made on the basis of standardcost-benefit analysis.
In the mean time, the equity-efficiency trade-offs suggested by current decisions can be estimated using standardcost-effectiveness analysis.
Standardcost-benefit analysis compares the discounted costs of investments with the discounted benefits from investment.
Standardcost-benefit analysis ignores these changes in the discount rate, and therefore may give incorrect prescriptions.
Moreover, this opportunity cost can be measured using standardcost-effectiveness methods.
Reported volumes of hospital days, contacts with general practitioners, outpatient visits, and hours of care were multiplied by standardcost prices (15).
In fiscal year 1973, the national grant program of day-care centers started to pay the fixed percentage of a centrally established standardcost and finally abolished the fixed sum system.
Hence, in the presence of credit market imperfections, standardcost-benefit analysis based on a pre-determined discount rate does not automatically lead to correct prescriptions.
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