Emotions and scope effects in the monetary valuation of health.
This study presents evidence on the role of emotions in the monetary evaluation of health technologies, namely, drug-eluting stents (DES) in our case. It is shown that subjects who are very afraid of having to undergo an angioplasty are: (a) less sensitive to the size of the risk reduction provided by DES and (b) willing to pay more. The lack of scope sensitivity questions the normative validity of the responses of highly emotional subjects. We provide evidence of this effect using what we call the cognitive-emotional random utility model and the responses of a face-to-face, computer-assisted personal interview survey conducted in a representative sample of the Spanish general population (n = 1663).
University of Seville, Seville, Spain. maviles1@us.es.|University Pablo de Olavide, Seville, Spain. maviles1@us.es.
María V
http://orcid.org/0000-0001-7520-994X
MV
Avilés Blanco
University Pablo de Olavide, Seville, Spain.
Raúl
R
Brey
University of Las Palmas de Gran Canaria, Las Palmas, Spain.
Jorge
J
Araña
University of Navarra, Pamplona, Spain.|Glasgow Caledonian University, Glasgow, UK.
José Luis
JL
Pinto Prades
D003362:Cost-Benefit Analysis; D054855:Drug-Eluting Stents; D004644:Emotions; D017048:Health Care Costs; D006801:Humans; D011795:Surveys and Questionnaires
Emotions; Health technology evaluation; Scope sensitivity; Willingness to pay