The relative sensitivity of willingness-to-pay and time-trade-off to changes in health status: an empirical investigation.

Abstract:

:This paper directly compares the relative sensitivity of time-trade-off (TTO) and willingness-to-pay (WTP) values obtained for various levels of change in health status. This was achieved by administering a TTO and WTP survey to a population of 50 subjects, assessing their valuation of various degrees of change in health status. It was found that, overall, WTP is more sensitive than TTO in distinguishing between different dimensions of health at the same nominal level of health status (only four WTP values not significantly different, compared with eight TTO values). In addition, WTP was also more sensitive to differences in quality of life between different levels of health within each dimension (all values significantly different from each other, with TTO yielding three insignificant relationships). These results tentatively suggest, therefore, that WTP seems to be a more sensitive measure of change in health status than TTO.

journal_name

Health Econ

journal_title

Health economics

authors

Smith RD

doi

10.1002/hec.604

keywords:

subject

Has Abstract

pub_date

2001-09-01 00:00:00

pages

487-97

issue

6

eissn

1057-9230

issn

1099-1050

pii

10.1002/hec.604

journal_volume

10

pub_type

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