Use, option and externality values: are contingent valuation studies in health care mis‐specified?

Richard D. Smith

Health Economics, 2007, vol. 16, issue 8, 861-869

Abstract: A general population sample of Australian respondents completed a contingent valuation (CV) survey that asked them to value six scenarios. These varied according to whether the scenario was seeking to elicit: (i) use value; (ii) externality value; (iii) option value; or (iv) a combination. Results indicate that use plus externality and/or option value was significantly greater than use value alone. As CV studies in health (care) overwhelmingly focus on use value alone – often implicitly through study design rather than explicitly – this raises the possibility of mis‐specification in CV research in health (care). The implications for CV in health (care) are considered. Copyright © 2006 John Wiley & Sons, Ltd.

Date: 2007
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