Measuring willingness-to-pay for risk reduction: an application of conjoint analysis

This study applies conjoint analysis (CA) to estimate the marginal willingness‐to‐pay (MWTP) of elderly individuals for a reduction of the risk of fracture of the femur. The good in question is a hypothetical hip protector which lowers the risk of a fracture by different amounts. Other attributes ar...

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Bibliographic Details
Published in:Health economics 2002-03, Vol.11 (2), p.129-139
Main Authors: Telser, Harry, Zweifel, Peter
Format: Article
Language:English
Subjects:
Accidental Falls
Aged
Choice Behavior
Conjoint analysis
Consumer behavior
Consumer Behavior - economics
Cost-Benefit Analysis
Elderly people
Female
Femoral Neck Fractures - prevention & control
Financing, Personal
Fractured hips
Health economics
Health Services Needs and Demand
Humans
Interviews as Topic
Male
Models, Econometric
Protective Devices - economics
Protective Devices - utilization
Quality-Adjusted Life Years
Risk
Risk reduction
Studies
Willingness to pay
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Summary:This study applies conjoint analysis (CA) to estimate the marginal willingness‐to‐pay (MWTP) of elderly individuals for a reduction of the risk of fracture of the femur. The good in question is a hypothetical hip protector which lowers the risk of a fracture by different amounts. Other attributes are ease of handling, wearing comfort, and out‐of‐pocket cost, which are traded off against risk reduction. In 500 face‐to‐face interviews, pensioners stated whether or not they would buy the product. Results suggest that MWTP for wearing comfort exceeds that for risk reduction. Indeed, willingness‐to‐pay for the product as a whole is negative, indicating that it should not be included as a mandatory benefit in health insurance. Copyright © 2002 John Wiley & Sons, Ltd.
ISSN:1057-9230
1099-1050
DOI:10.1002/hec.653