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Article: Willingness to pay and size of health benefit: An integrated model to test for 'sensitivity to scale'

TitleWillingness to pay and size of health benefit: An integrated model to test for 'sensitivity to scale'
Authors
Issue Date2003
PublisherJohn Wiley & Sons Ltd. The Journal's web site is located at http://www3.interscience.wiley.com/cgi-bin/jhome/5749
Citation
Health Economics, 2003, v. 12 n. 9, p. 791-796 How to Cite?
AbstractA key theoretical prediction concerning willingness to pay is that it is positively correlated with benefit size and is assessed by testing the 'sensitivity to scale (scope)'. 'External' (between-sample) sensitivity tests are usually regarded as less powerful than 'internal' (within-subject) tests. However, the latter may suffer from 'anchoring' effects. This paper studies the statistical power of these tests by questioning the distributional assumption of empirical data. We present an integrated model to capture both internal and external variations, while controlling for sample heterogeneity, applied to data from a survey estimating the value of reducing symptom-days. Results indicate that once data is properly transformed, WTP becomes 'scale sensitive' and consistent with diminishing marginal utility theory. Copyright © 2003 John Wiley & Sons, Ltd.
Persistent Identifierhttp://hdl.handle.net/10722/86742
ISSN
2015 Impact Factor: 2.151
2015 SCImago Journal Rankings: 1.364
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorYeung, RYTen_HK
dc.contributor.authorSmith, RDen_HK
dc.contributor.authorMcGhee, SMen_HK
dc.date.accessioned2010-09-06T09:20:46Z-
dc.date.available2010-09-06T09:20:46Z-
dc.date.issued2003en_HK
dc.identifier.citationHealth Economics, 2003, v. 12 n. 9, p. 791-796en_HK
dc.identifier.issn1057-9230en_HK
dc.identifier.urihttp://hdl.handle.net/10722/86742-
dc.description.abstractA key theoretical prediction concerning willingness to pay is that it is positively correlated with benefit size and is assessed by testing the 'sensitivity to scale (scope)'. 'External' (between-sample) sensitivity tests are usually regarded as less powerful than 'internal' (within-subject) tests. However, the latter may suffer from 'anchoring' effects. This paper studies the statistical power of these tests by questioning the distributional assumption of empirical data. We present an integrated model to capture both internal and external variations, while controlling for sample heterogeneity, applied to data from a survey estimating the value of reducing symptom-days. Results indicate that once data is properly transformed, WTP becomes 'scale sensitive' and consistent with diminishing marginal utility theory. Copyright © 2003 John Wiley & Sons, Ltd.en_HK
dc.languageengen_HK
dc.publisherJohn Wiley & Sons Ltd. The Journal's web site is located at http://www3.interscience.wiley.com/cgi-bin/jhome/5749en_HK
dc.relation.ispartofHealth Economicsen_HK
dc.rightsHealth Economics. Copyright © John Wiley & Sons Ltd.en_HK
dc.subject.meshAdulten_HK
dc.subject.meshAir Pollution - adverse effects - economicsen_HK
dc.subject.meshAttitude to Healthen_HK
dc.subject.meshCost-Benefit Analysisen_HK
dc.subject.meshFinancing, Personalen_HK
dc.subject.meshHong Kongen_HK
dc.subject.meshHumansen_HK
dc.subject.meshMiddle Ageden_HK
dc.subject.meshModels, Econometricen_HK
dc.subject.meshQuality of Lifeen_HK
dc.subject.meshQuestionnairesen_HK
dc.subject.meshReproducibility of Resultsen_HK
dc.subject.meshRespiration Disorders - economics - therapyen_HK
dc.subject.meshSensitivity and Specificityen_HK
dc.subject.meshValue of Life - economicsen_HK
dc.titleWillingness to pay and size of health benefit: An integrated model to test for 'sensitivity to scale'en_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=1057-9230&volume=12&spage=791&epage=796&date=2003&atitle=Willingness+to+pay+and+size+of+health+benefit:+an+integrated+model+to+test+for+%27sensitivity+to+scale%27en_HK
dc.identifier.emailMcGhee, SM:smmcghee@hkucc.hku.hken_HK
dc.identifier.authorityMcGhee, SM=rp00393en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1002/hec.786en_HK
dc.identifier.pmid12950096-
dc.identifier.scopuseid_2-s2.0-0042694388en_HK
dc.identifier.hkuros83960en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0042694388&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume12en_HK
dc.identifier.issue9en_HK
dc.identifier.spage791en_HK
dc.identifier.epage796en_HK
dc.identifier.isiWOS:000185132100007-
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridYeung, RYT=7102833306en_HK
dc.identifier.scopusauthoridSmith, RD=11339094500en_HK
dc.identifier.scopusauthoridMcGhee, SM=7003288588en_HK

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