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The relative sensitivity of willingness-to-pay and time-trade-off to changes in health status: an empirical investigation

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Author Info
Richard D. Smith (Health Economics Group, University of East Anglia, Norwich, UK)
Abstract

This paper directly compares the relative sensitivity of time-trade-off (TTO) and willingness-to-pay (WTP) values obtained for various levels of change in health status. This was achieved by administering a TTO and WTP survey to a population of 50 subjects, assessing their valuation of various degrees of change in health status.

It was found that, overall, WTP is more sensitive than TTO in distinguishing between different dimensions of health at the same nominal level of health status (only four WTP values not significantly different, compared with eight TTO values). In addition, WTP was also more sensitive to differences in quality of life between different levels of health within each dimension (all values significantly different from each other, with TTO yielding three insignificant relationships). These results tentatively suggest, therefore, that WTP seems to be a more sensitive measure of change in health status than TTO. Copyright © 2001 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/hec.604
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Article provided by John Wiley & Sons, Ltd. in its journal Health Economics.

Volume (Year): 10 (2001)
Issue (Month): 6 ()
Pages: 487-497
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Handle: RePEc:wly:hlthec:v:10:y:2001:i:6:p:487-497

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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/5749

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Gerard, Karen, 1992. "Cost-utility in practice: A policy maker's guide to the state of the art," Health Policy, Elsevier, vol. 21(3), pages 249-279, July. [Downloadable!] (restricted)
  2. Torrance, George W., 1986. "Measurement of health state utilities for economic appraisal : A review," Journal of Health Economics, Elsevier, vol. 5(1), pages 1-30, March. [Downloadable!] (restricted)
  3. Alan Diener & Bernie O'Brien & Amiram Gafni, 1998. "Health care contingent valuation studies: a review and classification of the literature," Health Economics, John Wiley & Sons, Ltd., vol. 7(4), pages 313-326.
  4. Klose, Thomas, 1999. "The contingent valuation method in health care," Health Policy, Elsevier, vol. 47(2), pages 97-123, May. [Downloadable!] (restricted)
  5. Jan Abel Olsen & Richard D. Smith, 2001. "Theory versus practice: a review of 'willingness-to-pay' in health and health care," Health Economics, John Wiley & Sons, Ltd., vol. 10(1), pages 39-52.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Richard D. Smith, 2007. "Use, option and externality values: are contingent valuation studies in health care mis-specified?," Health Economics, John Wiley & Sons, Ltd., vol. 16(8), pages 861-869. [Downloadable!]
  2. Richard D. Smith, 2007. "The role of 'reference goods' in contingent valuation: should we help respondents to 'construct' their willingness to pay?," Health Economics, John Wiley & Sons, Ltd., vol. 16(12), pages 1319-1332. [Downloadable!]
  3. Richard D. Smith, 2008. "Contingent valuation in health care: does it matter how the 'good' is described?," Health Economics, John Wiley & Sons, Ltd., vol. 17(5), pages 607-617. [Downloadable!]
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