Cadaveric liver transplantation (CLT) is an excellent treatment for early hepatocellular carcinoma (HCC). Its use, however, is limited by the shortage of grafts, with up to 30% of patients developing contraindications to the procedure while waiting for a donor. Living donor liver transplantation (LDLT) has emerged as an alternative to overcome this limitation. We compared the consequences of LDLT versus CLT using a Markov model balancing the gains and losses in life expectancy among donors and recipients. For a 60-yearold recipient with a 70% 5-year survival after transplantation, a 4% monthly drop-out rate, and a donor with 1% mortality, LDLT became more effective than CLT after 3.5 months on the waiting list. These results varied with the probability of developing contraindications to transplantation, the survival after transplantation, and the donor's mortality. For a 12-month delay saved on the waiting list, the gain in survival provided by LDLT compared with CLT ranged between 0 and 2.8 life years depending on survival after transplantation, time spent on the waiting list, and drop-out rate. LDLT was cost-effective (less than $50,000 per quality-adjusted life year saved) in all scenarios of waiting lists exceeding 7 months, and this figure ranged from 2 to 16 months when varying the drop-out rate. LDLT for early HCC offered substantial gains in life expectancy with acceptable cost-effectiveness ratios when the waiting list exceeds 7 months. The gain in life expectancy and the costeffectiveness of LDLT were more dependent on the drop-out rate and the outcome after transplantation than on donor's mortality. (HEPATOLOGY 2001;33:1073-1079.)Liver transplantation is an excellent treatment for early hepatocellular carcinoma (HCC). Theoretically, this procedure is able to cure the tumor and the underlying cirrhosis, and can be applied to patients with end-stage liver disease. Five-year survival rates above 70% with a low tumor recurrence rate are obtained in well selected candidates. [1][2][3][4] In practice, however, the results of cadaveric liver transplantation (CLT) for HCC depend on the time waiting for an organ donor, which commonly exceeds 1 year in many centers, both in Europe and in the United States, with many patients developing contraindications (e.g., tumor spread) and becoming ineligible for the procedure. [5][6][7] In addition, there is an increasing demand for organs due to the worldwide rising incidence of HCC. 8,9 Living donor liver transplantation (LDLT) with a partial liver graft (usually, for an adult, the right half of the liver), has emerged as a possible solution to the shortage of organs. [10][11][12][13][14] LDLT has been performed in the pediatric population with results similar to CLT. Data from adult-to-adult LDLT are still scarce, but short-term figures are equivalent to CLT. [10][11][12][13][14] LDLT has the advantage of decreasing the waiting time before receiving a transplant, thereby eliminating the risk of adverse events related to the waiting list. On the other hand, there are co...