Willingness to pay for health

Research output: Chapter in Book/Report/Conference proceedingEntry for encyclopedia/dictionary

Abstract

The valuation of health in monetary terms can be estimated by observing real choices or by eliciting willingness to pay (WTP) through presentation of hypothetical choices to respondents (contingent valuation). Contingent valuation is commonly used in other areas of the public sector and its use is growing in health. In this article, the authors outline the rationale for such monetary valuation via WTP measurement before going on to discuss challenges associated with different approaches and provide examples from some recent case studies of how such monetary measurement has been achieved.
Original languageEnglish
Title of host publicationEncyclopedia of Health Economics
EditorsAnthony J. Culyer
PublisherElsevier
Pages495-501
Number of pages7
ISBN (Print)9780123756794
DOIs
Publication statusPublished - 2014

Publication series

NameEncyclopedia of Health Economics

Keywords

  • health economics
  • WTP values
  • public sector
  • benefits of health care
  • contingent valuation
  • revealed preference
  • value of a QALY
  • value of health
  • value of life
  • value of a prevented fatality
  • willingness to pay

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  • Cite this

    Baker, R., Donaldson, C., Mason, H., & Jones-Lee, M. (2014). Willingness to pay for health. In A. J. Culyer (Ed.), Encyclopedia of Health Economics (pp. 495-501). (Encyclopedia of Health Economics). Elsevier. https://doi.org/10.1016/B978-0-12-375678-7.00503-4