Economic Value of Informal Care: Contingent Valuation From the Perspective of Caregivers and Care Recipients in China

We estimated the monetary value of informal care from the perspectives of informal caregivers and care recipients in China using the contingent valuation method. Data were obtained from a specially designed survey of 1458 informal caregivers and 972 care recipients. The mean for caregivers' willingness to pay (WTP) for reducing informal care by 1 h per week was CNY32.37 (€4.11), while the mean for willingness to accept (WTA) increasing informal care by 1 h was CNY46.21 (€5.87). The mean for care recipients' WTP (WTA) values for increasing or reducing informal care by 1 h per week were CNY28.74 (€3.65) and CNY44.78 (€5.69), respectively. The WTP and WTA values varied according to care hours and tasks, kinship, and living arrangements, and correlated with the characteristics of both caregivers and care recipients. The WTP and WTA values were also sensitive to a broad range of factors such as health, level of education, employment status, and household income. We highlight the contribution made by informal caregivers to elderly care and recommend the promotion of informal care activities to support and incentivize them.