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

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  • Harry Telser

    (Socioeconomic Institute, University of Zurich, Switzerland)

  • Peter Zweifel

    (Socioeconomic Institute, University of Zurich, Switzerland)

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    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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    Bibliographic Info

    Article provided by John Wiley & Sons, Ltd. in its journal Health Economics.

    Volume (Year): 11 (2002)
    Issue (Month): 2 ()
    Pages: 129-139

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    Handle: RePEc:wly:hlthec:v:11:y:2002:i:2:p:129-139

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

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    1. Mandy Ryan & Jenny Hughes, 1997. "Using Conjoint Analysis to Assess Women's Preferences for Miscarriage Management," Health Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 6(3), pages 261-273.
    2. Mandy Ryan & Emma McIntosh & Phil Shackley, 1998. "Methodological issues in the application of conjoint analysis in health care," Health Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 7(4), pages 373-378.
    3. Magat, Wesley A. & Kip Viscusi, W. & Huber, Joel, 1988. "Paired comparison and contingent valuation approaches to morbidity risk valuation," Journal of Environmental Economics and Management, Elsevier, vol. 15(4), pages 395-411, December.
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    Cited by:
    1. Kara Hanson & Barbara McPake & Pamela Nakamba & Luke Archard, 2005. "Preferences for hospital quality in Zambia: results from a discrete choice experiment," Health Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 14(7), pages 687-701.
    2. Anna Merino, 2003. "Eliciting consumers preferences using stated preference discrete choice models: Contingent ranking versus choice experiment," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 705, Department of Economics and Business, Universitat Pompeu Fabra.
    3. Hiselius, Lena Winslott, 2005. "Preferences regarding road transports of hazardous materials using choice experiments - any sign of biases?," Working Papers, Lund University, Department of Economics 2005:30, Lund University, Department of Economics.
    4. Yasushi Ohkusa & Tamie Sugawara, 2006. "Cost-effectiveness analysis and its application for policy evaluation for medicine or public health," Development Economics Working Papers 22354, East Asian Bureau of Economic Research.
    5. Alessandro Mengoni & Chiara Seghieri & Sabina Nuti, 2013. "The application of discrete choice experiments in health economics: a systematic review of the literature," Working Papers 201301, Scuola Superiore Sant'Anna of Pisa, Istituto di Management.
    6. Charles Cunningham & Ken Deal & Yvonne Chen, 2010. "Adaptive Choice-Based Conjoint Analysis," The Patient: Patient-Centered Outcomes Research, Springer, Springer, vol. 3(4), pages 257-273, December.
    7. Antonio Trujillo & Fernando Ruiz & John Bridges & Jeannette Amaya & Christine Buttorff & Angélica Quiroga, 2012. "Understanding consumer preferences in the context of managed competition," Applied Health Economics and Health Policy, Springer, Springer, vol. 10(2), pages 99-111, March.
    8. Karolin Becker & Peter Zweifel, 2008. "Age and Choice in Health Insurance," The Patient: Patient-Centered Outcomes Research, Springer, Springer, vol. 1(1), pages 27-40, January.
    9. Anna Merino, 2003. "Eliciting consumers preferences using stated preference discrete choice models: Contingent ranking versus choice experiment," Working Papers, Research Center on Health and Economics, Department of Economics and Business, Universitat Pompeu Fabra 705, Department of Economics and Business, Universitat Pompeu Fabra.
    10. Yasushi Ohkusa & Tamie Sugawara, 2006. "Cost-effectiveness analysis and its application for policy evaluation for medicine or public health," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, Policy Research Institute, Ministry of Finance Japan, vol. 2(1), pages 45-76, January.
    11. Harry Telser & Karolin Becker & Peter Zweifel, 2008. "Validity and Reliability of Willingness-to-Pay Estimates," The Patient: Patient-Centered Outcomes Research, Springer, Springer, vol. 1(4), pages 283-298, October.

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