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Measuring willingness-to-pay for risk reduction: an application of conjoint analysis

  • Harry Telser

    (Socioeconomic Institute, University of Zurich, Switzerland)

  • Peter Zweifel

    (Socioeconomic Institute, University of Zurich, Switzerland)

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    This study applies conjoint analysis (CA) to estimate the marginal willingness-to-pay (MWTP) of elderly individuals for a reduction of the risk of fracture of the femur. The good in question is a hypothetical hip protector which lowers the risk of a fracture by different amounts. Other attributes are ease of handling, wearing comfort, and out-of-pocket cost, which are traded off against risk reduction. In 500 face-to-face interviews, pensioners stated whether or not they would buy the product. Results suggest that MWTP for wearing comfort exceeds that for risk reduction. Indeed, willingness-to-pay for the product as a whole is negative, indicating that it should not be included as a mandatory benefit in health insurance. Copyright © 2002 John Wiley & Sons, Ltd.

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

    Volume (Year): 11 (2002)
    Issue (Month): 2 ()
    Pages: 129-139

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    Handle: RePEc:wly:hlthec:v:11:y:2002:i:2:p:129-139
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    1. Mandy Ryan & Emma McIntosh & Phil Shackley, 1998. "Methodological issues in the application of conjoint analysis in health care," Health Economics, John Wiley & Sons, Ltd., vol. 7(4), pages 373-378.
    2. Magat, Wesley A. & Kip Viscusi, W. & Huber, Joel, 1988. "Paired comparison and contingent valuation approaches to morbidity risk valuation," Journal of Environmental Economics and Management, Elsevier, vol. 15(4), pages 395-411, December.
    3. Mandy Ryan & Jenny Hughes, 1997. "Using Conjoint Analysis to Assess Women's Preferences for Miscarriage Management," Health Economics, John Wiley & Sons, Ltd., vol. 6(3), pages 261-273.
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