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Measuring the value of time for methadone maintenance clients: willingness to pay, willingness to accept, and the wage rate
Author(s) -
Borisova Natalia N.,
Goodman Allen C.
Publication year - 2003
Publication title -
health economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.55
H-Index - 109
eISSN - 1099-1050
pISSN - 1057-9230
DOI - 10.1002/hec.738
Subject(s) - willingness to pay , willingness to accept , contingent valuation , economics , wage , wage rate , value of time , value (mathematics) , valuation (finance) , compensation (psychology) , actuarial science , labour economics , microeconomics , travel time , psychology , statistics , social psychology , mathematics , accounting , transport engineering , engineering
Three measures of the value of time – willingness to pay (WTP) for a reduction in travel time, willingness to accept (WTA) a monetary compensation to forgo it, and the wage rate – are evaluated and compared. WTP and WTA were estimated from the two‐part regressions of time price, using contingent valuation methods with primary survey data. Systematic differences are found in comparisons of WTP and WTA with the wage rate. Copyright © 2002 John Wiley & Sons, Ltd.