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What is the difference between cost-effectiveness evaluation and utility analysis? When, if ever, would you use...

What is the difference between cost-effectiveness evaluation and utility analysis? When, if ever, would you use utility rather than cost-effectiveness? Why?

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Cost effectiveness analysis involves measurement of cost as well as determination of effectiveness measured in terms of outcome. Cost utility analysis determines the cost in terms of utility like quantity and quality. While utility measures value of money in terms of single outcome, cost effectiveness analysis measures cost of achieving benefit in terms of different outcomes. Both of the methods are mostly used in healthcare. We would use utility rather than cost effectiveness if the treatment involves a very high cost comparing to our earnings. In such cases we would consider the outcome in terms of utility like quantity or quality of life and decide whether to undergo treatment by somehow collecting such higher amount instead of analyzing effectiveness in terms of other benefits.

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