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Use, option and externality values: are contingent valuation studies in health care mis-specified?

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  • Richard D. Smith

    (Health Economics Group, School of Medicine, Health Policy and Practice, University of East Anglia, Norwich, UK)

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    Abstract

    A general population sample of Australian respondents completed a contingent valuation (CV) survey that asked them to value six scenarios. These varied according to whether the scenario was seeking to elicit: (i) use value; (ii) externality value; (iii) option value; or (iv) a combination. Results indicate that use plus externality and|or option value was significantly greater than use value alone. As CV studies in health (care) overwhelmingly focus on use value alone - often implicitly through study design rather than explicitly - this raises the possibility of mis-specification in CV research in health (care). The implications for CV in health (care) are considered. Copyright © 2006 John Wiley & Sons, Ltd.

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    File URL: http://hdl.handle.net/10.1002/hec.1189
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    Bibliographic Info

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

    Volume (Year): 16 (2007)
    Issue (Month): 8 ()
    Pages: 861-869

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    Handle: RePEc:wly:hlthec:v:16:y:2007:i:8:p:861-869

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

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    1. 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.
    2. 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.
    3. 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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    Cited by:
    1. Joshua Graff Zivin & Matthew Neidell, 2010. "Medical technology adoption, uncertainty, and irreversibilities: is a bird in the hand really worth more than in the bush?," Health Economics, John Wiley & Sons, Ltd., vol. 19(2), pages 142-153.
    2. Raphaël Remonnay & Nathalie Havet & Magali Morelle & Marie-Odile Carrère, 2008. "Analyzing the determinants of willingness-to-pay values for testing the validity of the contingent valuation method. Application to home care compared to hospital care," Working Papers 0820, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure.
    3. Hurley, Jeremiah & Mentzakis, Emmanouil, 2013. "Health-related externalities: Evidence from a choice experiment," Journal of Health Economics, Elsevier, vol. 32(4), pages 671-681.

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