However, very few people are in a position to enjoy such constant consumption. For example,
imperfect credit markets prevent consumption smoothing, uncertain life expectancy
makes calculation of optimal consumption impossible, and differences in expectations over
lifestyle in different life years makes constant consumption unlikely.8 If the constant consumption
assumption is relaxed, then Bleichrodt and Quiggin acknowledge that individual
WTP-per-QALY depends on the level of consumption.