How are high-tech assistive devices valued in an aging society? Exploring the use and non-use values of equipment that aid limb disability

Justine Jihyun Kim, Jongsu Lee, Jungwoo Shin and Meihan He

Technology in Society, 2022, vol. 70, issue C

Abstract: The aging of the population structure and the increase in acquired disabilities lead to a greater need for assistive devices that promote social inclusion, which undeniably requires investment in high-tech assistive devices to promote social welfare. However, consistent efforts to develop methodologies for economic valuation of assistive technologies have been crippled by the lack of concepts associated with cost analysis, which is an essential aspect of economic valuation. This study examines the economic value of high-tech assistive devices that aid limb disability by proposing a new valuation framework that incorporates both the use and the non-use values and explores how the values vary with age. The use and the non-use value of high-tech assistive devices were estimated based on the theory of Maslow's hierarchy of human needs and the contingent valuation method. The average use value of high-tech assistive devices was approximately KRW 126,265.7 (USD 110.5) per month, which is 5.22% of the average income in South Korea, and the non-use value was approximately KRW 3055.8 (USD 2.7) per month. Whereas the use values decreased with age, the non-use value remained constant. In addition, while the average use value was higher than the non-use value, the percentage of non-use value in the total value of assistive devices increased with age, reflecting the higher possibility of using the device by oneself due to acquired disability.

Keywords: Assistive device; High technology; Economic valuation; Aging society; Willingness-to-pay; Contingent valuation method (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eee:teinso:v:70:y:2022:i:c:s0160791x22001543

DOI: 10.1016/j.techsoc.2022.102013

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