Monetary Valuation of Informal Care Based on Carers’ and Noncarers’ Preferences

Garrido-García, Silvia; Sánchez-Martínez, Fernando Ignacio; Abellán-Perpiñán, José-María; Exel, Job van

doi:10.1016/j.jval.2015.05.001

Cited by 15 publications

(22 citation statements)

References 35 publications

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“…This modest percentage supports the feasibility of studying the value of time of caregiving in a stated preference study among the general population. The results of Garrido-García et al [32] also support the feasibility of deriving a value of caregiving time among non-caregivers. Still, it needs emphasis that we used this relatively inexperienced sample to estimate the value of an hour of informal care.…”

Section: Discussionmentioning

confidence: 74%

“…We first analysed the choice data with an MNL model in Nlogit. Second, as previous studies showed heterogeneity in the monetary valuation of care [31][32][33], we allowed for the presence of unobservable preference heterogeneity in the sampled population by applying a panel mixed multinomial logit (MMNL) model to derive the unconditional distribution of the random parameters in the model using 1000 Halton draws. Standard deviations of the (unconditional) parameter distribution were derived from the Cholesky matrix (see Table 1 for the Cholesky and correlation matrix of the panel MMNL model).…”

Section: Analysesmentioning

confidence: 99%

“…Some studies have attempted to derive a full valuation of caregiver time by applying for instance the wellbeing method, contingent valuation, or discrete choice experiments (DCEs) [14,[30][31][32][33][34][35]. Most of these studies focused on preference information of caregivers to derive a monetary value of time.…”

Section: Introductionmentioning

confidence: 99%

“…Most of these studies focused on preference information of caregivers to derive a monetary value of time. To our knowledge, only one study has derived a value of time of both caregivers and non-caregivers using the contingent valuation method [32]. An important issue to consider in this context is that stated preference methods like WTP in theory produce a full valuation of informal care.…”

Section: Introductionmentioning

confidence: 99%

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The Monetary Value of Informal Care: Obtaining Pure Time Valuations Using a Discrete Choice Experiment

2018

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Background Interventions in health care often not only have an effect on patients, but also on their informal caregivers. Caregiving can have a profound impact on the health and wellbeing of carers. Ignoring these spillovers in economic evaluations risks labelling interventions mistakenly as cost-effective, at the expense of informal caregivers. Objective This paper investigates willingness-to-accept (WTA) values for an hour of informal care, corrected for positive and negative impacts of informal care, to facilitate the inclusion of informal care hours on the cost side of economic evaluations without double-counting spillover effects. Methods A discrete choice experiment (DCE) was conducted among a representative sample of the adult population in the Netherlands (n = 552) in September 2011. An experimental design minimizing the D-error was used to construct choice sets with two unlabelled alternatives with the attributes 'hours caregiving', 'monetary compensation for caregiving' and seven impacts of caregiving. To operationalize the random utility model, we used a panel mixed multinomial logit (MMNL) parameter model. For calculation of WTA, we used both population-level parameters and individual-level parameters. Results The mean WTA for an additional hour of informal care, corrected for positive and negative impacts of informal care, was €14.57. The signs of the coefficients were all in the expected directions. Conclusions This study reports a preference-based monetary value for informal care, corrected for other impacts. This valuation facilitates the inclusion of informal care hours on the cost side in economic evaluations without double-counting any spillover effects included on the effects side.

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Section: Discussionmentioning

confidence: 74%

Section: Analysesmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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The Monetary Value of Informal Care: Obtaining Pure Time Valuations Using a Discrete Choice Experiment

2018

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“…That is, these methods may not capture ‘true’ preferences, since there are no real market consequences for the respondent, although some studies suggest they are sensitive to individual circumstances of caregiving (e.g. requiring higher payments for more labour-intensive tasks) [ 49 , 74 , 76 , 77 ]. Also, substantial numbers of respondents may choose not to participate in the exercises because of their hypothetical nature [ 76 ].…”

Section: Valuationmentioning

confidence: 99%

Quantifying Family Spillover Effects in Economic Evaluations: Measurement and Valuation of Informal Care Time

et al. 2019

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Spillover effects on the welfare of family members may refer to caregiver health effects, informal care time costs, or both. This review focuses on methods that have been used to measure and value informal care time and makes suggestions for their appropriate use in cost-of-illness and cost-effectiveness analyses. It highlights the importance of methods to value informal care time that are independent of caregiver health effects in order to minimize double counting of spillover effects. Although the concept of including caregiver time costs in economic evaluations is not new, relatively few societal perspective cost-effectiveness analyses have included informal care, with the exception of dementia. This is due in part to challenges in measuring and valuing time costs. Analysts can collect information on time spent in informal care or can assess its impact in displacing other time use, notably time in paid employment. A key challenge is to ensure appropriate comparison groups that do not require informal care to be able to correctly estimate attributable informal care time or foregone market work. To value informal care time, analysts can use estimates of hourly earnings in either opportunity cost or replacement cost approaches. Researchers have used widely varying estimates of hourly earnings. Alternatively, stated-preference methods (i.e. contingent valuation, conjoint analysis) can be used to value the effect of informal care on utility, but this can entail double counting with health effects. Lack of consensus and standardization of methods makes it difficult to compare estimates of informal care costs. Electronic supplementary material The online version of this article (10.1007/s40273-019-00782-9) contains supplementary material, which is available to authorized users.

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Quantifying Informal Care for Economic Evaluation in Mental Health

Weatherly

Faria

Berg³

2017

Mental Health Economics

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Monetary Valuation of Informal Care Based on Carers’ and Noncarers’ Preferences

Abstract: Our results show that it is feasible to derive a monetary valuation for informal care from the preferences of noncarers.

Cited by 15 publications

References 35 publications

The Monetary Value of Informal Care: Obtaining Pure Time Valuations Using a Discrete Choice Experiment

The Monetary Value of Informal Care: Obtaining Pure Time Valuations Using a Discrete Choice Experiment

Quantifying Family Spillover Effects in Economic Evaluations: Measurement and Valuation of Informal Care Time

Quantifying Informal Care for Economic Evaluation in Mental Health

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