Assessing willingness to pay for cancer prevention

Michael A. Milligan, Alok K. Bohara, Jose Pagan

Research output: Contribution to journalArticle

Abstract

Cancer is the second leading cause of death in the U. S. and its economic cost is very high. The objective of this study is to analyze the socioeconomic and demographic factors that are related to the willingness to pay (WTP) for cancer prevention. Data from an experimental module in the 2002 Health and Retirement Study (HRS) were used to identify WTP differences across different population subgroups. Respondents were asked whether they were willing and able to pay different dollar amounts per month for a new cancer prevention drug. Years of age were negatively related to WTP whereas income and the probability of developing cancer were positively related to WTP. Risk-relevant numeracy skills were positively related to self-assessed cancer risk, which may suggest that adults with poor numeracy skills underestimate their cancer risk. This has consequences not only on the relative perceived value of different cancer treatments across different population subgroups but also on perceived value as captured by WTP.

Original languageEnglish (US)
Pages (from-to)301-314
Number of pages14
JournalInternational Journal of Health Care Finance and Economics
Volume10
Issue number4
DOIs
StatePublished - Dec 2010

Fingerprint

willingness to pay
cancer
Neoplasms
Second Primary Neoplasms
Retirement
socioeconomic factors
Population
demographic factors
Cancer
Willingness-to-pay
cause of death
Cause of Death
retirement
dollar
Values
Economics
Demography
Costs and Cost Analysis
drug
income

Keywords

  • Cancer
  • Prevention
  • Willingness to pay

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)
  • Health(social science)
  • Finance

Cite this

Assessing willingness to pay for cancer prevention. / Milligan, Michael A.; Bohara, Alok K.; Pagan, Jose.

In: International Journal of Health Care Finance and Economics, Vol. 10, No. 4, 12.2010, p. 301-314.

Research output: Contribution to journalArticle

Milligan, Michael A. ; Bohara, Alok K. ; Pagan, Jose. / Assessing willingness to pay for cancer prevention. In: International Journal of Health Care Finance and Economics. 2010 ; Vol. 10, No. 4. pp. 301-314.
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