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The role of 'reference goods' in contingent valuation: should we help respondents to 'construct' their willingness to pay?

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Author Info
Richard D. Smith (Health Economics Group, School of Medicine, Health Policy and Practice, University of East Anglia, Norwich, UK)
Abstract

A general population sample of 135 Australian respondents completed one of four contingent valuation surveys that asked them to value health benefits either in the absence of an explicit reference good or in the presence of one of three different forms of reference good. Results suggest that respondents have a 'ball-park' figure that is then challenged by the reference good. For values that appear far lower than, or similar to, this 'ball-park' figure, the reference good has little quantitative effect, but qualitatively appears to help respondents in their confidence in this value being their actual WTP. The implications for CV research in health care are outlined in the discussion. Copyright © 2007 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/hec.1227
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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Health Economics.

Volume (Year): 16 (2007)
Issue (Month): 12 ()
Pages: 1319-1332
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:wly:hlthec:v:16:y:2007:i:12:p:1319-1332

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  1. Payne, John W & Bettman, James R & Schkade, David A, 1999. "Measuring Constructed Preferences: Towards a Building Code," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 243-70, December. [Downloadable!] (restricted)
  2. Spash, Clive L. & Hanley, Nick, 1995. "Preferences, information and biodiversity preservation," Ecological Economics, Elsevier, vol. 12(3), pages 191-208, March. [Downloadable!] (restricted)
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  3. Richard D. Smith, 2001. "The relative sensitivity of willingness-to-pay and time-trade-off to changes in health status: an empirical investigation," Health Economics, John Wiley & Sons, Ltd., vol. 10(6), pages 487-497. [Downloadable!]
  4. Andrew J Lloyd, 2003. "Threats to the estimation of benefit: are preference elicitation methods accurate?," Health Economics, John Wiley & Sons, Ltd., vol. 12(5), pages 393-402. [Downloadable!]
  5. Ian J. Bateman, Ian H. Langford, 1997. "Non-users' Willingness to Pay for a National Park: An Application and Critique of the Contingent Valuation Method," Regional Studies, Taylor and Francis Journals, vol. 31(6), pages 571-582, August. [Downloadable!] (restricted)
  6. Smith, Richard D., 2005. "Sensitivity to scale in contingent valuation: the importance of the budget constraint," Journal of Health Economics, Elsevier, vol. 24(3), pages 515-529, May. [Downloadable!] (restricted)
  7. Gregory, Robin & Lichtenstein, Sarah & Slovic, Paul, 1993. " Valuing Environmental Resources: A Constructive Approach," Journal of Risk and Uncertainty, Springer, vol. 7(2), pages 177-97, October.
  8. Nick Hanley & Mandy Ryan & Robert Wright, 2003. "Estimating the monetary value of health care: lessons from environmental economics," Health Economics, John Wiley & Sons, Ltd., vol. 12(1), pages 3-16. [Downloadable!]
  9. Alan Shiell & Lisa Gold, 2003. "If the price is right: vagueness and values clarification in contingent valuation," Health Economics, John Wiley & Sons, Ltd., vol. 12(11), pages 909-919. [Downloadable!]
  10. 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.
  11. Richard D. Smith, 2003. "Construction of the contingent valuation market in health care:a critical assessment," Health Economics, John Wiley & Sons, Ltd., vol. 12(8), pages 609-628. [Downloadable!]
  12. 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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