How does the willingness-to-pay principle of welfare economics differ from the valuation of an extra life-year in applying QALYs? Distinguish between cost-benefit analysis (CBA) and costeffectiveness...

How does the willingness-to-pay principle of welfare economics differ from the valuation of an extra life-year in applying QALYs?

Distinguish between cost-benefit analysis (CBA) and costeffectiveness analysis (CEA). Can CEA replace CBA in all

cases? If not, why not?