Measurement of consumer-patient preferences using a hybrid contingent valuation method

This study introduces a hybrid, two-stage, contingent valuation method applied to asthma treatment. Respondents are initially offered a choice between hypothetical medications, implying a tradeoff between safety and efficacy. Stage two elicits willingness to pay (WTP) for an improvement along a single risk dimension. Estimates of the value of asthma control based on the initial risk tradeoff stage range from approximately US$1400 to US$2100 per year, assuming a US$6 million value of life. Analysis of the second-stage WTP responses yield estimates for the value of a statistical life of approximately US$9 million and for asthma control of approximately US$2200 per year.