We have developed an impossibility theorem that shows that it is not possible to link
CBA and CEA if: (i) the axioms of EU theory hold; (ii) the QALY model is valid in a
welfare economic sense; and (iii) illness hinders the ability to enjoy consumption. Since
(iii) is intuitive and (ii) is essential for CEA, the relaxation of (i) is the only real avenue
open for a meaningful welfare economic link between CBA and CEA (at least where costs
are assessed from a societal perspective).