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Willingness to Pay for Hormone Replacement Therapy

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  • Zethraeus, Niklas

    ()
    (Dept. of Economics, Stockholm School of Economics)

  • Johansson, Per-Olov

    ()
    (Dept. of Economics, Stockholm School of Economics)

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    Abstract

    This study addresses the question of willingness to pay (WTP) for hormone replacement therapy (HRT) in order to alleviate menopayusal symptoms. A utility model is specified where the individual obtains utility from consumption of goods and health. The purchase of a treatment is represented as a shift in the health production function during the treatment period. The mean WTP for the HRT is estimated using a parametric and a non-parametric method. The mean WTP based on these two methods is similar in both cases and amounts to about SEK 40,000 per year. Further, it is shown that the mean WTP is above the mean treatment costs of HRT. Finally, the implied WTP per gained quality adjusted life year is estimated at about SEK 120,000 and SEK 160,000 based on the rating scale (RS) and time trade-off (TTO) methods, respectively.

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    Bibliographic Info

    Paper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 214.

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    Length: 27 pages
    Date of creation: 18 Dec 1997
    Date of revision:
    Publication status: Forthcoming in Journal of Health Economics.
    Handle: RePEc:hhs:hastef:0214

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    Related research

    Keywords: Hormone replacement therapy; menopausal symptoms; willingness to pay.;

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    References

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    1. Johannesson, Magnus & Johansson, Per-Olov & Kristrom, Bengt & Gerdtham, Ulf-G., 1993. "Willingness to pay for antihypertensive therapy -- further results," Journal of Health Economics, Elsevier, vol. 12(1), pages 95-108, April.
    2. Johansson, Per-Olov & Löfgren, Karl-Gustav, 1994. "Comparative Dynamics in Health Economics: Some Useful Results," Working Paper Series in Economics and Finance 17, Stockholm School of Economics.
    3. Johannesson, Magnus & Jonsson, Bengt & Borgquist, Lars, 1991. "Willingness to pay for antihypertensive therapy -- results of a Swedish pilot study," Journal of Health Economics, Elsevier, vol. 10(4), pages 461-473.
    4. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, December.
    5. Bengt Kristrom, 1990. "A Non-Parametric Approach to the Estimation of Welfare Measures in Discrete Response Valuation Studies," Land Economics, University of Wisconsin Press, vol. 66(2), pages 135-139.
    6. Kevin J. Boyle & Richard C. Bishop & Michael P. Welsh, 1985. "Starting Point Bias in Contingent Valuation Bidding Games," Land Economics, University of Wisconsin Press, vol. 62(2), pages 188-194.
    7. Johansson,Per-Olov, 1995. "Evaluating Health Risks," Cambridge Books, Cambridge University Press, number 9780521472852, April.
    8. Grossman, Michael, 1972. "On the Concept of Health Capital and the Demand for Health," Journal of Political Economy, University of Chicago Press, vol. 80(2), pages 223-55, March-Apr.
    9. LaFrance, Jeffrey T. & Barney, L. Dwayne, 1991. "The envelope theorem in dynamic optimization," Journal of Economic Dynamics and Control, Elsevier, vol. 15(2), pages 355-385, April.
    10. Randall, Alan & Ives, Berry & Eastman, Clyde, 1974. "Bidding games for valuation of aesthetic environmental improvements," Journal of Environmental Economics and Management, Elsevier, vol. 1(2), pages 132-149, August.
    11. Rowe, Robert D. & D'Arge, Ralph C. & Brookshire, David S., 1980. "An experiment on the economic value of visibility," Journal of Environmental Economics and Management, Elsevier, vol. 7(1), pages 1-19, March.
    12. Johansson,Per-Olov, 1995. "Evaluating Health Risks," Cambridge Books, Cambridge University Press, number 9780521478786, April.
    13. Johannesson, Magnus & Johansson, Per-Olov, 1996. "To Be, or Not to Be, That Is the Question: An Empirical Study of the WTP for an Increased Life Expectancy at an Advanced Age," Journal of Risk and Uncertainty, Springer, vol. 13(2), pages 163-74, September.
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