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The relationship between reliability and size of willingness‐to‐pay values: a qualitative insight

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  • Richard D. Smith

Abstract

In a previous paper, the reliability of willingness‐to‐pay (WTP) values was found to be an increasing function of the size of WTP expressed. Here, the results of a qualitative exercise conducted alongside this quantitative study are presented. The results of this exercise suggest that higher WTP values may require more thought from the respondent which, in turn, gives them greater stability. At low levels of WTP, values appear to be taken from a ‘discretionary account’, where expenditure is more volatile. Caveats to this result, and suggestions for future research, are considered in the discussion. Copyright © 2006 John Wiley & Sons, Ltd.

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  • Richard D. Smith, 2007. "The relationship between reliability and size of willingness‐to‐pay values: a qualitative insight," Health Economics, John Wiley & Sons, Ltd., vol. 16(2), pages 211-216, February.
    • Handle: RePEc:wly:hlthec:v:16:y:2007:i:2:p:211-216
    DOI: 10.1002/hec.1155
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    References listed on IDEAS

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    1. Smith, Richard D., 2005. "Sensitivity to scale in contingent valuation: the importance of the budget constraint," Journal of Health Economics, Elsevier, vol. 24(3), pages 515-529, May.
    2. Richard D. Smith, 2003. "Construction of the contingent valuation market in health care:a critical assessment," Health Economics, John Wiley & Sons, Ltd., vol. 12(8), pages 609-628, August.
    3. Bernie O'Brien & Jose Luis Viramontes, 1994. "Willingness to Pay," Medical Decision Making, , vol. 14(3), pages 289-297, August.
    4. Nick Hanley & Mandy Ryan & Robert Wright, 2003. "Estimating the monetary value of health care: lessons from environmental economics," Health Economics, John Wiley & Sons, Ltd., vol. 12(1), pages 3-16, January.
    5. Klose, Thomas, 1999. "The contingent valuation method in health care," Health Policy, Elsevier, vol. 47(2), pages 97-123, May.
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    Cited by:

    1. Neale Smith & Craig Mitton & Stuart Peacock, 2009. "Qualitative methodologies in health‐care priority setting research," Health Economics, John Wiley & Sons, Ltd., vol. 18(10), pages 1163-1175, October.
    2. C. Mónica Capra, 2019. "Understanding decision processes in guessing games: a protocol analysis approach," Journal of the Economic Science Association, Springer;Economic Science Association, vol. 5(1), pages 123-135, August.
    3. Geneau, Robert & Massae, Patrick & Courtright, Paul & Lewallen, Susan, 2008. "Using qualitative methods to understand the determinants of patients' willingness to pay for cataract surgery: A study in Tanzania," Social Science & Medicine, Elsevier, vol. 66(3), pages 558-568, February.

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