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.
|Number of pages||7|
|Journal||Encyclopedia of Health Economics|
|Early online date||21 Feb 2014|
|Publication status||Published - 2014|
- health economics
- WTP values
- public sector