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A comparison of stated preference methods for estimating monetary values

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  • Mandy Ryan

    (Health Economics Research Unit, Institute of Applied Health Sciences, Scotland)

Abstract

This paper presents a comparison of willingness to pay (WTP) estimates generated from a dichotomous choice (DC) contingent valuation experiment and a choice experiment (CE). The study was conducted with subjects undergoing assisted reproductive techniques in the Grampian area of Scotland. Subjects first completed a DC WTP questionnaire. They were sent a CE questionnaire two months later. Welfare estimates for the DC WTP study and CE were not significantly different. Important research questions are raised concerning the validity of the various approaches to estimating WTP. Copyright © 2003 John Wiley & Sons, Ltd.

Suggested Citation

  • Mandy Ryan, 2004. "A comparison of stated preference methods for estimating monetary values," Health Economics, John Wiley & Sons, Ltd., vol. 13(3), pages 291-296.
  • Handle: RePEc:wly:hlthec:v:13:y:2004:i:3:p:291-296
    DOI: 10.1002/hec.818
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    References listed on IDEAS

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    1. Cooper Joseph C., 1993. "Optimal Bid Selection for Dichotomous Choice Contingent Valuation Surveys," Journal of Environmental Economics and Management, Elsevier, vol. 24(1), pages 25-40, January.
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    8. Richard T. Carson, 2011. "Contingent Valuation," Books, Edward Elgar Publishing, number 2489.
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    11. Kanninen Barbara J., 1995. "Bias in Discrete Response Contingent Valuation," Journal of Environmental Economics and Management, Elsevier, vol. 28(1), pages 114-125, January.
    12. Mandy Ryan, 1997. "Should government fund assisted reproductive techniques? A study using willingness to pay," Applied Economics, Taylor & Francis Journals, vol. 29(7), pages 841-849.
    13. Timothy Park & John B. Loomis & Michael Creel, 1991. "Confidence Intervals for Evaluating Benefits Estimates from Dichotomous Choice Contingent Valuation Studies," Land Economics, University of Wisconsin Press, vol. 67(1), pages 64-73.
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    16. Ryan, Mandy & Wordsworth, Sarah, 2000. "Sensitivity of Willingness to Pay Estimates to the Level of Attributes in Discrete Choice Experiments," Scottish Journal of Political Economy, Scottish Economic Society, vol. 47(5), pages 504-524, November.
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    Cited by:

    1. Marjon van der Pol & Shiell, Alan & Au, Flora & Johnston, David & Tough, Suzanne, 2008. "Convergent validity between a discrete choice experiment and a direct, open-ended method: Comparison of preferred attribute levels and willingness to pay estimates," Social Science & Medicine, Elsevier, vol. 67(12), pages 2043-2050, December.
    2. Ilja Neustadt & Peter Zweifel, 2010. "Is the Welfare State Sustainable? Experimental Evidence on Citizens’ Preferences for Redistribution," SOI - Working Papers 1003, Socioeconomic Institute - University of Zurich.
    3. Mandy Ryan & Verity Watson, 2009. "Comparing welfare estimates from payment card contingent valuation and discrete choice experiments," Health Economics, John Wiley & Sons, Ltd., vol. 18(4), pages 389-401.
    4. David Whynes & Emma Frew & Jane Wolstenholme, 2005. "Willingness-to-Pay and Demand Curves: A Comparison of Results Obtained Using Different Elicitation Formats," International Journal of Health Economics and Management, Springer, vol. 5(4), pages 369-386, December.
    5. Mandy Ryan & Mabelle Amaya-Amaya, 2005. "' Threats ' to and hopes for estimating benefits," Health Economics, John Wiley & Sons, Ltd., vol. 14(6), pages 609-619.
    6. repec:spr:eujhec:v:18:y:2017:i:6:d:10.1007_s10198-016-0825-y is not listed on IDEAS
    7. Richard D. Smith, 2008. "Contingent valuation in health care: does it matter how the 'good' is described?," Health Economics, John Wiley & Sons, Ltd., vol. 17(5), pages 607-617.
    8. Halkos, George, 2012. "The use of contingent valuation in assessing marine and coastal ecosystems’ water quality: A review," MPRA Paper 42183, University Library of Munich, Germany.
    9. Arne Hole & Julie Kolstad, 2012. "Mixed logit estimation of willingness to pay distributions: a comparison of models in preference and WTP space using data from a health-related choice experiment," Empirical Economics, Springer, vol. 42(2), pages 445-469, April.
    10. Bobinac, Ana & van Exel, N. Job A. & Rutten, Frans F.H. & Brouwer, Werner B.F., 2012. "GET MORE, PAY MORE? An elaborate test of construct validity of willingness to pay per QALY estimates obtained through contingent valuation," Journal of Health Economics, Elsevier, vol. 31(1), pages 158-168.
    11. Karolin Becker & Peter Zweifel, 2005. "Cost Sharing in Health Insurance: An Instrument for Risk Selection?," SOI - Working Papers 0513, Socioeconomic Institute - University of Zurich.
    12. Maurus Rischatsch & Peter Zweifel, 2013. "What do physicians dislike about managed care? Evidence from a choice experiment," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 14(4), pages 601-613, August.
    13. Neustadt, Ilja & Zweifel, Peter, 2011. "Income redistribution: how to divide the pie?," MPRA Paper 35427, University Library of Munich, Germany.
    14. Harry Telser & Peter Zweifel, 2003. "Validity of Discrete-Choice Experiments - Evidence for Health Risk Reduction," SOI - Working Papers 0313, Socioeconomic Institute - University of Zurich, revised Feb 2005.

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