MEASUREMENT OF CONSUMER-PATIENT PREFERENCES USING A HYBRID CONTINGENTVALUATION METHOD

This study introduces a hybrid, two-stage, contingent valuation method applied to asthma treatment. Respondents are initially offered a choi ce between hypothetical medications, implying a tradeoff between safet y and efficacy. Stage two elicits willingness to pay (WTP) for an impr ovement along a single risk dimension. Estimates of the value of asthm a control based on the initial risk tradeoff stage range from approxim ately US$1400 to US$2100 per year, assuming a US$6 million value of li fe. Analysis; of the second-stage WTP responses yield estimates for th e value of a statistical life of approximately US$9 million and for as thma control of approximately US$2200 per year. (C) 1997 Elsevier Scie nce B.V.