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A comparison of approaches to estimating confidence intervals for willingness to pay measures

Hole, A.R. (2006) A comparison of approaches to estimating confidence intervals for willingness to pay measures. Research Report. CHE Research Paper (8). Centre for Health Economics , York, UK.

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Abstract

This paper describes three approaches to estimating confidence intervals for willingness to pay measures, the delta, Krinsky and Robb and bootstrap methods. The accuracy of the various methods is compared using a number of simulated datasets. In the majority of the scenarios considered all three methods are found to be reasonably accurate as well as yielding similar results. The delta method is the most accurate when the data is well-conditioned, while the bootstrap is more robust to noisy data and misspecification of the model. These conclusions are illustrated by empirical data from a study of willingness to pay for a reduction in waiting time for a general practitioner appointment in which all the methods produce fairly similar confidence intervals.

Item Type: Monograph (Research Report)
Copyright, Publisher and Additional Information: © 2006 Arne Risa Hole. The full text of this report can be viewed free of charge from the Centre for Health Economics web site at: http://www.york.ac.uk/inst/che/pdf/rp8.pdf
Keywords: willingness to pay, confidence interval, delta method, boot-strap
Institution: The University of York
Academic Units: The University of York > Centre for Health Economics (York)
Depositing User: Repository Officer
Date Deposited: 24 Apr 2006
Last Modified: 04 Oct 2010 17:10
Published Version: http://www.york.ac.uk/inst/che/pdf/rp8.pdf
Status: Published
Publisher: Centre for Health Economics
Refereed: No
Related URLs:
URI: http://eprints.whiterose.ac.uk/id/eprint/1181

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