Use, option and externality values: Are contingent valuation studies in health care mis-specified?

A general population sample of Australian respondents completed a contingent valuation (CV) survey that asked them to value six scenarios. These varied according to whether the scenario was seeking to elicit: (i) use value; (ii) externality value; (iii) option value; or (iv) a combination. Results indicate that use plus externality and/or option value was significantly greater than use value alone. As CV studies in health (care) overwhelmingly focus on use value alone - often implicitly through study design rather than explicitly - this raises the possibility of misspecification in CV research in health (care). The implications for CV in health (care) are considered. Copyright (C) 2006 John Wiley & Sons, Ltd.