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Measuring willingness-to-pay for risk reduction: an application of conjoint analysis

✍ Scribed by Harry Telser; Peter Zweifel

Publisher
John Wiley and Sons
Year
2002
Tongue
English
Weight
134 KB
Volume
11
Category
Article
ISSN
1057-9230

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✦ Synopsis

Abstract

This study applies conjoint analysis (CA) to estimate the marginal willingness‐to‐pay (MWTP) of elderly individuals for a reduction of the risk of fracture of the femur. The good in question is a hypothetical hip protector which lowers the risk of a fracture by different amounts. Other attributes are ease of handling, wearing comfort, and out‐of‐pocket cost, which are traded off against risk reduction. In 500 face‐to‐face interviews, pensioners stated whether or not they would buy the product.

Results suggest that MWTP for wearing comfort exceeds that for risk reduction. Indeed, willingness‐to‐pay for the product as a whole is negative, indicating that it should not be included as a mandatory benefit in health insurance. Copyright © 2002 John Wiley & Sons, Ltd.

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