Emotions and scope effects in the monetary valuation of health

Maria V. Avilés Blanco, Raúl Brey, Jorge Araña, Jose Luis Pinto Prades

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Abstract

This study presents evidence about the role of emotions in the monetary evaluation of health technologies, namely, Drug Eluting Stents (DES) in our case. It is shown that subjects who are very afraid of having to undergo an angioplasty are: a) less sensitive to the size of the risk reduction provided by DES and b) willing to pay more. The lack of scope sensitivity questions the normative validity of the responses of highly emotional subjects. We provide evidence of this effect using what we call the Cognitive-Emotional Random Utility Model and the responses of a face-to-face, computer assisted personal interview survey conducted in a representative sample of the Spanish general population (n=1663).
Original languageEnglish
Pages (from-to)315-325
Number of pages11
Journaleuropean journal of health economics
Volume19
Issue number3
Early online date24 Mar 2017
DOIs
Publication statusPublished - Apr 2018

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Keywords

  • monetary value
  • health
  • emotions

Cite this

Avilés Blanco, M. V., Brey, R., Araña, J., & Pinto Prades, J. L. (2018). Emotions and scope effects in the monetary valuation of health. european journal of health economics, 19(3), 315-325. https://doi.org/10.1007/s10198-017-0885-7