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Revealed preference valuation compared to contingent valuation: radon-induced lung cancer prevention

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  • Christine A. Kennedy
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    Abstract

    This paper explores and compares two tools of economic valuation, revealed preference and contingent valuation, with the purpose of ultimately informing the use of two methods of economic evaluation, CEA and CBA. The valuation methods are applied to empirical data for radon-induced lung cancer prevention. However, only the single bound CV and the subjective revealed preference estimates have overlapping confidence intervals, indicating that they do have external validity as assessed by convergent validity. The revealed preference subjective risk valuation was (£180 (£144, £247)) and the single bounded contingent valuation estimate was (£269 (£201, £343)). Copyright © 2002 John Wiley & Sons, Ltd.

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    File URL: http://hdl.handle.net/10.1002/hec.724
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    Article provided by John Wiley & Sons, Ltd. in its journal Health Economics.

    Volume (Year): 11 (2002)
    Issue (Month): 7 ()
    Pages: 585-598

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    Handle: RePEc:wly:hlthec:v:11:y:2002:i:7:p:585-598

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

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    5. Pinuccia Calia & Elisabetta Strazzera, 1999. "Bias and Efficiency of Single vs Double Bound Models for Contingent Valuation Studies.A Monte Carlo Analysis," Working Papers, Fondazione Eni Enrico Mattei 1999.10, Fondazione Eni Enrico Mattei.
    6. Jeanette Akerman & F. Reed Johnson & Lars Bergman, 1991. "Paying for Safety: Voluntary Reduction of Residential Radon Risks," Land Economics, University of Wisconsin Press, vol. 67(4), pages 435-446.
    7. Sherwin Rosen, . "The Value of Changes in Life Expectancy," University of Chicago - Population Research Center, Chicago - Population Research Center 87-14, Chicago - Population Research Center.
    8. Jones-Lee, M W & Hammerton, M & Philips, P R, 1985. "The Value of Safety: Results of a National Sample Survey," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 95(377), pages 49-72, March.
    9. John W. Duffield & David A. Patterson, 1991. "Inference and Optimal Design for a Welfare Measure in Dichotomous Choice Contingent Valuation," Land Economics, University of Wisconsin Press, vol. 67(2), pages 225-239.
    10. Carson, Richard T. & Flores, Nicholas E. & Martin, Kerry M. & Wright, Jennifer L., 1995. "Contingent Valuation and Revealed Preference Methodologies: Comparing the Estimates for Quasi-Public Goods," 1995 Conference (39th), February 14-16, 1995, Perth, Australia, Australian Agricultural and Resource Economics Society 148793, Australian Agricultural and Resource Economics Society.
    11. Philip Clarke, 2000. "Valuing the benefits of mobile mammographic screening units using the contingent valuation method," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 32(13), pages 1647-1655.
    12. Nyquist, Hans, 1992. "Optimal Designs of Discrete Response Experiments in Contingent Valuation Studies," The Review of Economics and Statistics, MIT Press, vol. 74(3), pages 559-63, August.
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    Cited by:
    1. Mandy Ryan & Verity Watson, 2009. "Comparing welfare estimates from payment card contingent valuation and discrete choice experiments," Health Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 18(4), pages 389-401.
    2. Schwarzinger, Michaël & Carrat, Fabrice & Luchini, Stéphane, 2009. ""If you have the flu symptoms, your asymptomatic spouse may better answer the willingness-to-pay question": Evidence from a double-bounded dichotomous choice model with heterogeneous anchori," Journal of Health Economics, Elsevier, Elsevier, vol. 28(4), pages 873-884, July.
    3. Munro, Alistair, 2007. "When is some number really better than no number? On the optimal choice between non-market valuation methods," MPRA Paper 8978, University Library of Munich, Germany.
    4. Michaël Schwarzinger & Fabrice Carrat & Stéphane Luchini, 2009. ""If you have the flu symptoms, your asymptomatic spouse may better answer the willingness-to-pay question". Evidence from a double-bounded dichotomous choice model with heterogeneous anchori," Post-Print, HAL inserm-00636179, HAL.
    5. Tianviwat, Sukanya & Chongsuvivatwong, Virasakdi & Birch, Stephen, 2008. "Prevention versus cure: Measuring parental preferences for sealants and fillings as treatments for childhood caries in Southern Thailand," Health Policy, Elsevier, Elsevier, vol. 86(1), pages 64-71, April.
    6. Zo� Philips & David K. Whynes & Mark Avis, 2006. "Testing the construct validity of willingness to pay valuations using objective information about risk and health benefit," Health Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 15(2), pages 195-204.
    7. Watson, Verity & Ryan, Mandy, 2007. "Exploring preference anomalies in double bounded contingent valuation," Journal of Health Economics, Elsevier, Elsevier, vol. 26(3), pages 463-482, May.

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