Applied welfare economics provides a strong conceptual foundation for economic evaluations of social determinants of health interventions. The common-sense idea is that such interventions yield benefits because they improve individuals’ well-being. In economic terminology, these interventions increase individuals’ utility, and social welfare is some aggregation of the utility levels of all individuals in a society (1, 2).7 In cost–utility analysis, a form of cost–effectiveness analysis, health benefits are measured based on individual preferences for different health states, summarized in measures such as the quality-adjusted life year (QALY). In social cost–benefit analysis, social benefits are measured based on individuals’ willingness to pay for the desired outcome. Both methods try to value health consequences: cost–effectiveness analysis uses a health metric while cost–benefit analysis uses a monetary one.