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Measuring the value of time for methadone maintenance clients: willingness to pay, willingness to accept, and the wage rate

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  • Natalia N. Borisova

    (Wayne State University, Detroit, USA)

  • Allen C. Goodman

    (Wayne State University, Detroit, USA)

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    Abstract

    Three measures of the value of time - willingness to pay (WTP) for a reduction in travel time, willingness to accept (WTA) a monetary compensation to forgo it, and the wage rate - are evaluated and compared. WTP and WTA were estimated from the two-part regressions of time price, using contingent valuation methods with primary survey data. Systematic differences are found in comparisons of WTP and WTA with the wage rate. Copyright © 2002 John Wiley & Sons, Ltd.

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    File URL: http://hdl.handle.net/10.1002/hec.738
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    Bibliographic Info

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

    Volume (Year): 12 (2003)
    Issue (Month): 4 ()
    Pages: 323-334

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    Handle: RePEc:wly:hlthec:v:12:y:2003:i:4:p:323-334

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

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    1. Smith, V. Kerry & Mansfield, Carol, 1998. "Buying Time: Real and Hypothetical Offers," Journal of Environmental Economics and Management, Elsevier, vol. 36(3), pages 209-224, November.
    2. Shogren, Jason F. & Shin, Seung Youll & Hayes, Dermot J. & Kliebenstein, James, 1994. "Resolving Differences in Willingness to Pay and Willingness to Accept," Staff General Research Papers, Iowa State University, Department of Economics 701, Iowa State University, Department of Economics.
    3. Gwendolyn Morrison, 1997. "Willingness to pay and willingness to accept: some evidence of an endowment effect," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 29(4), pages 411-417.
    4. 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., John Wiley & Sons, Ltd., vol. 10(1), pages 39-52.
    5. Jan Paul Acton, 1976. "Demand for Health Care among the Urban Poor, with Special Emphasis on the Role of Time," NBER Chapters, National Bureau of Economic Research, Inc, in: The Role of Health Insurance in the Health Services Sector, pages 163-214 National Bureau of Economic Research, Inc.
    6. Johansson, Per-Olov, 1997. "On the use of market prices to evaluate medical treatments," Journal of Health Economics, Elsevier, Elsevier, vol. 16(5), pages 609-615, October.
    7. Johannesson, Magnus & Johansson, Per-Olov & Kristrom, Bengt & Gerdtham, Ulf-G., 1993. "Willingness to pay for antihypertensive therapy -- further results," Journal of Health Economics, Elsevier, Elsevier, vol. 12(1), pages 95-108, April.
    8. Duan, Naihua, et al, 1983. "A Comparison of Alternative Models for the Demand for Medical Care," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 1(2), pages 115-26, April.
    9. Manning, W. G. & Duan, N. & Rogers, W. H., 1987. "Monte Carlo evidence on the choice between sample selection and two-part models," Journal of Econometrics, Elsevier, Elsevier, vol. 35(1), pages 59-82, May.
    10. Smith, V. Kerry, 1997. "Time and the Valuation of Environmental Resources," Working Papers, Duke University, Department of Economics 97-36, Duke University, Department of Economics.
    11. Johannesson, Magnus & Jonsson, Bengt & Borgquist, Lars, 1991. "Willingness to pay for antihypertensive therapy -- results of a Swedish pilot study," Journal of Health Economics, Elsevier, Elsevier, vol. 10(4), pages 461-473.
    12. Brookshire, David S & Coursey, Don L, 1987. "Measuring the Value of a Public Good: An Empirical Comparison of Elicitation Procedures," American Economic Review, American Economic Association, American Economic Association, vol. 77(4), pages 554-66, September.
    13. Allen C. Goodman & Miron Stano & John M. Tilford, 1999. "Household Production of Health Investment: Analysis and Applications," Southern Economic Journal, Southern Economic Association, vol. 65(4), pages 791-806, April.
    14. Cauley, Stephen Day, 1987. "The Time Price of Medical Care," The Review of Economics and Statistics, MIT Press, vol. 69(1), pages 59-66, February.
    15. Wilman, Elizabeth A., 1980. "The value of time in recreation benefit studies," Journal of Environmental Economics and Management, Elsevier, vol. 7(3), pages 272-286, September.
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    Cited by:
    1. Ovaskainen, Ville & Neuvonen, Marjo & Pouta, Eija, 2012. "Modelling recreation demand with respondent-reported driving cost and stated cost of travel time: A Finnish case," Journal of Forest Economics, Elsevier, Elsevier, vol. 18(4), pages 303-317.
    2. David Bishai & Jody Sindelar, 2006. "Willingness to Pay for Drug Rehabilitation: Implications for Cost Recovery," NBER Working Papers 12506, National Bureau of Economic Research, Inc.
    3. Nathalie Havet & Magali Morelle & Alexis Penot & Raphaël Remonnay, 2012. "The information content of the WTP-WTA gap: An empirical analysis among severely ill patients," Working Papers, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure 1213, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure.
    4. Bernard van den Berg & Amiram Gafni & France Portrait, 2013. "Attributing a monetary value to patients’ time: A contingent valuation approach," Working Papers, Centre for Health Economics, University of York 090cherp, Centre for Health Economics, University of York.
    5. Bernard van den Berg & Han Bleichrodt & Louis Eeckhoudt, 2005. "The economic value of informal care: a study of informal caregivers' and patients' willingness to pay and willingness to accept for informal care," Health Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 14(4), pages 363-376.
    6. Daniel E. Jonas & Louise B. Russell & Jon Chou & Michael Pignone, 2010. "Willingness-to-pay to avoid the time spent and discomfort associated with screening colonoscopy," Health Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 19(10), pages 1193-1211.

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