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... > medicine > clinical medicine > medical decision making > impact or weight or utility of the possible outcomes > willingness to pay

... > medicine > clinical medicine > medical decision making > impact or weight or utility of the possible outcomes > willingness to pay

Preferred term

willingness to pay

Definition

Willingness to pay (WTP) is the maximum amount of money an individual is willing to pay to ensure that a proposed service or good is available. Determining WTP through the contingent valuation method (CVM) is increasingly being used to generate information on the benefits of, and demand for, healthcare programs. [Source: Encyclopedia of Medical Decision Making; Willingness to Pay]

Broader concept

impact or weight or utility of the possible outcomes

Belongs to group

concepts

URI

https://concepts.sagepub.com/social-science/concept/willingness_to_pay

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