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Willingness to pay for reductions in angina pectoris attacks
B Kartman1, F Andersson, M Johannesson
1Department of Economics, Gothenburg University, Sweden.
Summary
This study estimated the monetary value of reducing angina pectoris attacks using contingent valuation. Findings show willingness to pay for improved health status provides valuable economic insights for healthcare programs.
Area of Science:
- Health Economics
- Medical Economics
- Public Health
Background:
- Valuing health status changes in monetary terms is crucial for healthcare cost-benefit analysis.
- Estimating willingness to pay (WTP) for improved health outcomes is an active area of research.
Purpose of the Study:
- To measure willingness to pay for reductions in angina pectoris attacks.
- To compare two contingent valuation methods for estimating WTP in a health context.
Main Methods:
- A contingent valuation study was conducted using a binary choice question and a bidding-game technique.
- Participants' WTP for a 50% reduction in anginal attacks over three months was assessed.
- Data on angina pectoris status, attack rate, and income were collected to test internal validity.
Main Results:
- Willingness to pay for a 50% reduction in angina attacks was approximately SEK 2,500 ($345) via the binary approach and SEK 2,100 ($290) via the bidding-game technique.
- Regression analyses confirmed that income, angina status, attack rate, and reduction percentage influenced WTP.
Conclusions:
- Contingent valuation provides a viable method for estimating the economic value of health status improvements.
- The study demonstrates the feasibility of quantifying WTP for reducing angina pectoris attacks, informing healthcare economic evaluations.