An alternative approach for eliciting willingness-to-pay: A randomized Internet trial
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...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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Cambridge University Press
2007-04-01
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| Series: | Judgment and Decision Making |
| Subjects: | |
| Online Access: | https://www.cambridge.org/core/product/identifier/S1930297500000073/type/journal_article |
| _version_ | 1827827263669796864 |
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| author | Laura J. Damschroder Peter A. Ubel Jason Riis Dylan M. Smith |
| author_facet | Laura J. Damschroder Peter A. Ubel Jason Riis Dylan M. Smith |
| author_sort | Laura J. Damschroder |
| collection | DOAJ |
| 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. |
| first_indexed | 2024-03-12T03:25:03Z |
| format | Article |
| id | doaj.art-712e271f2e0e4e6da50611b272b87a40 |
| institution | Directory Open Access Journal |
| issn | 1930-2975 |
| language | English |
| last_indexed | 2024-03-12T03:25:03Z |
| publishDate | 2007-04-01 |
| publisher | Cambridge University Press |
| record_format | Article |
| series | Judgment and Decision Making |
| spelling | doaj.art-712e271f2e0e4e6da50611b272b87a402023-09-03T13:42:58ZengCambridge University PressJudgment and Decision Making1930-29752007-04-0129610610.1017/S1930297500000073An alternative approach for eliciting willingness-to-pay: A randomized Internet trialLaura J. Damschroder0Peter A. Ubel1Jason Riis2Dylan M. Smith3HSR&D Ann Arbor Center of Excellence, Department of Veterans Affairs, Ann Arbor, MI The Center for Behavioral and Decision Sciences in Medicine, University of MichiganHSR&D Ann Arbor Center of Excellence, Department of Veterans Affairs, Ann Arbor, MI Division of General Internal Medicine, University of Michigan The Center for Behavioral and Decision Sciences in Medicine, University of Michigan Department of Psychology, University of MichiganDepartment of Marketing, Stern School of Business, New York UniversityHSR&D Ann Arbor Center of Excellence, Department of Veterans Affairs, Ann Arbor, MI Division of General Internal Medicine, University of Michigan The Center for Behavioral and Decision Sciences in Medicine, University of MichiganOpen-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.https://www.cambridge.org/core/product/identifier/S1930297500000073/type/journal_articlehealthcontingent valuationwillingness-to-paycomputerized elicitationincome |
| spellingShingle | Laura J. Damschroder Peter A. Ubel Jason Riis Dylan M. Smith An alternative approach for eliciting willingness-to-pay: A randomized Internet trial Judgment and Decision Making health contingent valuation willingness-to-pay computerized elicitation income |
| title | An alternative approach for eliciting willingness-to-pay: A randomized Internet trial |
| title_full | An alternative approach for eliciting willingness-to-pay: A randomized Internet trial |
| title_fullStr | An alternative approach for eliciting willingness-to-pay: A randomized Internet trial |
| title_full_unstemmed | An alternative approach for eliciting willingness-to-pay: A randomized Internet trial |
| title_short | An alternative approach for eliciting willingness-to-pay: A randomized Internet trial |
| title_sort | alternative approach for eliciting willingness to pay a randomized internet trial |
| topic | health contingent valuation willingness-to-pay computerized elicitation income |
| url | https://www.cambridge.org/core/product/identifier/S1930297500000073/type/journal_article |
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