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Use, option and externality values: are contingent valuation studies in health care mis-specified?

✍ Scribed by Richard D. Smith

Book ID: 102230059
Publisher: John Wiley and Sons
Year: 2007
Tongue: English
Weight: 113 KB
Volume: 16
Category: Article
ISSN: 1057-9230
DOI: 10.1002/hec.1189

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✦ Synopsis

Abstract

A general population sample of Australian respondents completed a contingent valuation (CV) survey that asked them to value six scenarios. These varied according to whether the scenario was seeking to elicit: (i) use value; (ii) externality value; (iii) option value; or (iv) a combination. Results indicate that use plus externality and/or option value was significantly greater than use value alone. As CV studies in health (care) overwhelmingly focus on use value alone – often implicitly through study design rather than explicitly – this raises the possibility of mis‐specification in CV research in health (care). The implications for CV in health (care) are considered. Copyright © 2006 John Wiley & Sons, Ltd.

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