An alternative approach for eliciting willingness-to-pay
Open-ended methods that elicit willingness-to-pay (WTP) in terms of absolute dollars often result in high rates of questionable and highly skewed responses, insensitivity to changes in health state, and raise an ethical issue related to its association with personal income. We conducted a 2x2 random...
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Society for Judgment and Decision Making
2007-04-01
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doaj-39b8a2a5b63146e8ac8f58d29def70052021-05-02T11:37:50ZengSociety for Judgment and Decision MakingJudgment and Decision Making1930-29752007-04-012NA96106An alternative approach for eliciting willingness-to-payLaura J. DamschroderPeter A. UbelJason RiisDylan M. SmithOpen-ended methods that elicit willingness-to-pay (WTP) in terms of absolute dollars often result in high rates of questionable and highly skewed responses, insensitivity to changes in health state, and raise an ethical issue related to its association with personal income. We conducted a 2x2 randomized trial over the Internet to test 4 WTP formats: 1) WTP in dollars; 2) WTP as a percentage of financial resources; 3) WTP in terms of monthly payments; and 4) WTP as a single lump-sum amount. WTP as a percentage of financial resources generated fewer questionable values, had better distribution properties, greater sensitivity to severity of health states, and was not associated with income. WTP elicited on a monthly basis also showed promise. http://journal.sjdm.org/jdm06163.pdfhealthcontingent valuationwillingness-to-paycomputerizedelicitationincome. |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Laura J. Damschroder Peter A. Ubel Jason Riis Dylan M. Smith |
spellingShingle |
Laura J. Damschroder Peter A. Ubel Jason Riis Dylan M. Smith An alternative approach for eliciting willingness-to-pay Judgment and Decision Making health contingent valuation willingness-to-pay computerizedelicitation income. |
author_facet |
Laura J. Damschroder Peter A. Ubel Jason Riis Dylan M. Smith |
author_sort |
Laura J. Damschroder |
title |
An alternative approach for eliciting willingness-to-pay |
title_short |
An alternative approach for eliciting willingness-to-pay |
title_full |
An alternative approach for eliciting willingness-to-pay |
title_fullStr |
An alternative approach for eliciting willingness-to-pay |
title_full_unstemmed |
An alternative approach for eliciting willingness-to-pay |
title_sort |
alternative approach for eliciting willingness-to-pay |
publisher |
Society for Judgment and Decision Making |
series |
Judgment and Decision Making |
issn |
1930-2975 |
publishDate |
2007-04-01 |
description |
Open-ended methods that elicit willingness-to-pay (WTP) in terms of absolute dollars often result in high rates of questionable and highly skewed responses, insensitivity to changes in health state, and raise an ethical issue related to its association with personal income. We conducted a 2x2 randomized trial over the Internet to test 4 WTP formats: 1) WTP in dollars; 2) WTP as a percentage of financial resources; 3) WTP in terms of monthly payments; and 4) WTP as a single lump-sum amount. WTP as a percentage of financial resources generated fewer questionable values, had better distribution properties, greater sensitivity to severity of health states, and was not associated with income. WTP elicited on a monthly basis also showed promise. |
topic |
health contingent valuation willingness-to-pay computerizedelicitation income. |
url |
http://journal.sjdm.org/jdm06163.pdf |
work_keys_str_mv |
AT laurajdamschroder analternativeapproachforelicitingwillingnesstopay AT peteraubel analternativeapproachforelicitingwillingnesstopay AT jasonriis analternativeapproachforelicitingwillingnesstopay AT dylanmsmith analternativeapproachforelicitingwillingnesstopay AT laurajdamschroder alternativeapproachforelicitingwillingnesstopay AT peteraubel alternativeapproachforelicitingwillingnesstopay AT jasonriis alternativeapproachforelicitingwillingnesstopay AT dylanmsmith alternativeapproachforelicitingwillingnesstopay |
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