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Emotions and scope effects in the monetary valuation of health

Author

Listed:
  • María V. Avilés Blanco

    (University of Seville
    University Pablo de Olavide)

  • Raúl Brey

    (University Pablo de Olavide)

  • Jorge Araña

    (University of Las Palmas de Gran Canaria)

  • José Luis Pinto Prades

    (University of Navarra
    Glasgow Caledonian University)

Abstract

This study presents evidence on the role of emotions in the monetary evaluation of health technologies, namely, drug-eluting stents (DES) in our case. It is shown that subjects who are very afraid of having to undergo an angioplasty are: (a) less sensitive to the size of the risk reduction provided by DES and (b) willing to pay more. The lack of scope sensitivity questions the normative validity of the responses of highly emotional subjects. We provide evidence of this effect using what we call the cognitive-emotional random utility model and the responses of a face-to-face, computer-assisted personal interview survey conducted in a representative sample of the Spanish general population (n = 1663).

Suggested Citation

  • María V. Avilés Blanco & Raúl Brey & Jorge Araña & José Luis Pinto Prades, 2018. "Emotions and scope effects in the monetary valuation of health," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 19(3), pages 315-325, April.
    • Handle: RePEc:spr:eujhec:v:19:y:2018:i:3:d:10.1007_s10198-017-0885-7
    DOI: 10.1007/s10198-017-0885-7
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