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Cost\u2013utility analysis (CUA) assumes separability in lifetime health and economic variables and cannot capture the full value of preventing such burdens. We overcome these limitations with a retrospective societal perspective cost\u2013benefit analysis (CBA) of meningococcal serogroup B vaccination (4CMenB) of one infant cohort in the United Kingdom using a health-augmented lifecycle model (HALM) incorporating health\u2019s interactions with consumption, earnings, non-market time and financial risk.<\/jats:p>\n              <\/jats:sec><jats:sec>\n                <jats:title>Methods<\/jats:title>\n                <jats:p>We used a static Markov model of vaccination\u2019s health impact and an HALM to estimate the private willingness to pay (PWTP) for the intrinsic and instrumental value of health under perfect capital markets, financial risk protection in the absence of insurance against permanent disability, parental spillovers, and acute phase disability. We estimated social WTP (SWTP) incorporating social severity preferences. We estimated rates of return that inform health payer reimbursement decisions, finance ministry budgeting decisions, and legislature taxation decisions. An expert Advisory Board investigated the validity of applying the HALM to infant 4CMenB.<\/jats:p>\n              <\/jats:sec><jats:sec>\n                <jats:title>Results<\/jats:title>\n                <jats:p>The PWTP for a 2\u2009+\u20091 vaccination schedule is \u00a3395, comprising \u00a3166 of disability insurance value, \u00a379 of positive parental spillover value, \u00a328 in the value of averting acute phase disability, and \u00a3122 in residual intrinsic and instrumental value of health. SWTP is \u00a3969.<\/jats:p>\n              <\/jats:sec><jats:sec>\n                <jats:title>Conclusions<\/jats:title>\n                <jats:p>HALM-based CBA provides an empirically richer, more utility\u2013theoretically grounded approach to vaccine evaluation than CUA, demonstrating good value for money for legislatures (based on private values) and for all decision-makers (based on social values).<\/jats:p>\n              <\/jats:sec>","DOI":"10.1007\/s10198-023-01654-y","type":"journal-article","created":{"date-parts":[[2024,1,5]],"date-time":"2024-01-05T19:02:21Z","timestamp":1704481341000},"page":"1133-1146","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["Lifecycle model-based evaluation of infant 4CMenB vaccination in the UK"],"prefix":"10.1007","volume":"25","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-9807-657X","authenticated-orcid":false,"given":"J. 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EB holds shares in GSK. JS is employed by Data for Decisions, LLC (DFD), which contracted with GSK to fund this research. DT, DK and JR report receiving consulting fees from DFD. Outside of the submitted work, JS reports having received grants and consulting fees from GSK, Pfizer, Merck, Sanofi Pasteur MSD, the World Health Organization, and the Bill and Melinda Gates Foundation (BMGF). JPS is a Research Associate at the Harvard T.H. Chan School of Public Health and as such has received research funding from the BMGF. DT reports receiving personal fees from GSK, Merck and Pfizer, outside the submitted work. DK reports receiving personal fees from GSK, and Pfizer, outside the submitted work. DB reports receiving grants from GSK, during the conduct of the study; grants from GSK, personal fees from Merck Vaccines, grants from Pfizer, grants from Sanofi, outside the submitted work. NB is an external contingent worker for GSK and received funds during the conduct of the study. 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