The quality-adjusted life year or quality-adjusted life-year (QALY) is a measure of disease burden, including both the quality and the quantity of life lived. It is used in assessing the value for money of a medical intervention. According to Pliskin et al., The QALY model requires utility independent, risk neutral, and constant proportional trade...
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http://en.wikipedia.org/wiki/Quality-adjusted_life_year
A year of life adjusted for its quality or its value. A year in perfect health is considered equal to 1.0 qaly. The value of a year in ill health would be discounted. For example, a year bedridden might have a value equal to 0.5 qaly. ... A measurement index derived from a modification of standard life-table procedures and designed to take account ...
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http://www.encyclo.co.uk/local/20973
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