Incorporating psycho-social considerations into health valuation: an experimental study

A "currency effect" was found: value of life differentials were smaller when questions were framed directly in the currency of lives saved rather than willingness to pay or public spending to save lives.

Abstract

This study used multiple elicitation question modes and group discussions to value psycho-social considerations associated with public perceptions of health risks. Values for saving 100 statistical lives in six different policy contexts varied by +/- 50%, largely due to psycho-social considerations of choice and control. A "currency effect" was found: value of life differentials were smaller when questions were framed directly in the currency of lives saved rather than willingness to pay or public spending to save lives. Discussions reduced but did not eliminate inconsistencies, and slightly increased the relative valuations of health interventions involving less choice and control by those at risk.