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Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
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Contingent valuation: what needs to be done?

Richard D Smith1, Tracey H Sach

  • 1Health Policy Unit, Department of Public Health and Policy, London School of Hygiene and Tropical Medicine, Keppel Street, London, UK. Richard.Smith@lshtm.ac.uk

Health Economics, Policy, and Law
|August 27, 2009
PubMed
Summary

Contingent valuation (CV) offers theoretical benefits for health economics but lacks real-world impact due to uncoordinated research. This review proposes guidelines to improve CV

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Area of Science:

  • Health Economics
  • Environmental Economics
  • Benefit Valuation

Background:

  • Contingent valuation (CV) is theoretically advantageous for benefit valuation in health economics.
  • Despite methodological advancements, CV has had minimal influence on national health policy decisions.
  • The application of CV in healthcare is hindered by uncoordinated and unsystematic research efforts.

Purpose of the Study:

  • To systematically review the health-related contingent valuation (CV) literature.
  • To identify key issues in the conduct of CV studies within the health sector.
  • To propose policy and research priorities and guidelines for improving CV application.

Main Methods:

  • Systematic literature review of contingent valuation studies in health.
  • Analysis of methodological work and application in health economics.
  • Synthesis of findings to inform future research and policy.

Main Results:

  • Contingent valuation (CV) research in health, while abundant, lacks coordination and systematic application.
  • Methodological advancements have not translated into practical influence on health policy.
  • A significant gap exists between the theoretical potential and the actual impact of CV in healthcare.

Conclusions:

  • Contingent valuation (CV) requires a more coordinated and systematic approach to realize its potential in health economics.
  • Clear policy and research priorities are needed to guide future CV studies.
  • Developing standardized guidelines is crucial for enhancing the credibility and impact of CV in healthcare decision-making.