WELLBY

The term WELLBY stands for Well-being-adjusted Life Year and is used to provide a simple and transparent measure of well-being (a key component in the assessment of costs and benefits to a society). A WELLBY equates to a one-point change in life satisfaction on a 0–10 scale, per person per year, and enables a monetary value to be assigned to the well-being impacts of any social value activities. See also QALY.