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Preliminary Results of a Healthcare Contingent Valuation Study in Greece

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  • Afentoula G. Mavrodi
  • Vassilis H. Aletras

Abstract

Purpose: The primary aim of the present study was to elicit a WTP estimate for a health improvement targeting the general Greek population. Moreover, it intended to investigate socioeconomic, demographic and determinants differences between those willing to pay for a health improvement and those not willing to pay for such an improvement (protest responders). Design/Methodology/Approach: A specially designed questionnaire employing the iterative bidding technique and the EuroQoL-5D-3L tool was used. A representative sample of the general Greek population (n=1,342) completed the questionnaire via telephone interviews –computer-assisted telephone interview method for random sample selection. Socioeconomic, demographic and determinants differences between participants willing to pay (n=528) and protest responders (n=395) were assessed through Chi-square and Mann-Whitney U Test. Findings: The average WTP estimate for a health improvement was €26,280. Participants willing to pay for a health improvement differed significantly from protest responders with respect to age (p=0.000), household size (p=0.018), number of household members having a part- or full-time job (p=0.000), education (p=0.000), marital status (p=0.000), household income (p=0.000) and utility (p=0.003). Respondents willing to pay for the hypothetical treatment differed significantly from protest responders with respect to their views towards quality of healthcare services and healthcare personnel (p=0.000 and 0.005, respectively). Practical Implications: Preliminary findings revealed that, when the general Greek population is considered, the WTP estimate for a health improvement falls within the World Health Organization’s criterion currently used in Greek healthcare economic evaluations. Originality/Value: To the best of our knowledge, this is the first study aiming at eliciting a monetary value for a health improvement targeting the general Greek population and identifying socioeconomic differences between willing and not willing to pay individuals.

Suggested Citation

  • Afentoula G. Mavrodi & Vassilis H. Aletras, 2019. "Preliminary Results of a Healthcare Contingent Valuation Study in Greece," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 9(3-4), pages 3-16.
    • Handle: RePEc:ers:ijfirm:v:9:y:2019:i:3-4:p:3-16
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    More about this item

    Keywords

    Economic evaluation; Euro-QoL-5D-3L; iterative bidding; utility.;
    All these keywords.

    JEL classification:

    • I10 - Health, Education, and Welfare - - Health - - - General
    • I19 - Health, Education, and Welfare - - Health - - - Other

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