International Journal of Finance, Insurance and Risk Management ISSN: 2047-0916

Preliminary Results of a Healthcare Contingent Valuation Study in Greece*

Afentoula G. Mavrodi, Vassilis H. Aletras
International Journal of Finance, Insurance and Risk Management, Volume 9, Issue 3-4, 3-16, 2019
DOI: 10.35808/ijfirm/194

Abstract:

Purpose: The primary aim of the present study was to elicit a WTP estimate for a health improvement targeting the general Greek population. Moreover, it intended to investigate socioeconomic, demographic and determinants differences between those willing to pay for a health improvement and those not willing to pay for such an improvement (protest responders). Design/Methodology/Approach: A specially designed questionnaire employing the iterative bidding technique and the EuroQoL-5D-3L tool was used. A representative sample of the general Greek population (n=1,342) completed the questionnaire via telephone interviews –computer-assisted telephone interview method for random sample selection. Socioeconomic, demographic and determinants differences between participants willing to pay (n=528) and protest responders (n=395) were assessed through Chi-square and Mann-Whitney U Test. Findings: The average WTP estimate for a health improvement was €26,280. Participants willing to pay for a health improvement differed significantly from protest responders with respect to age (p=0.000), household size (p=0.018), number of household members having a part- or full-time job (p=0.000), education (p=0.000), marital status (p=0.000), household income (p=0.000) and utility (p=0.003). Respondents willing to pay for the hypothetical treatment differed significantly from protest responders with respect to their views towards quality of healthcare services and healthcare personnel (p=0.000 and 0.005, respectively). Practical Implications: Preliminary findings revealed that, when the general Greek population is considered, the WTP estimate for a health improvement falls within the World Health Organization’s criterion currently used in Greek healthcare economic evaluations. Originality/Value: To the best of our knowledge, this is the first study aiming at eliciting a monetary value for a health improvement targeting the general Greek population and identifying socioeconomic differences between willing and not willing to pay individuals.


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