scholarly journals Analysing Farmers’ Use of Price Hedging Instruments: An Experimental Approach

2014 ◽  
Vol 12 (1) ◽  
Author(s):  
Friederike Anastassiadis ◽  
Jan-Henning Feil ◽  
Oliver Musshoff ◽  
Philipp Schilling
Keyword(s):  
Discrete Choice ◽  
Choice Experiment ◽  
Experimental Approach ◽  
Price Level ◽  
Mixed Logit ◽  
Risk Attitude ◽  
Mixed Logit Model ◽  
Price Expectation ◽  
The Individual ◽  
Actual Price

AbstractThis paper analyses the influencing factors of farmers’ use of price hedging instruments (PHIs) based upon a discrete choice experiment with German grain farmers. A mixed logit model is used to determine whether farmers’ choices of PHIs against cash sales are influenced by their price expectation, their risk attitude and their available storage capacities. The results show that farmers with a price expectation below the actual price level have a higher preference for using PHIs against cash sales in general and that the individual degree of risk aversion can have a significant impact on farmers’ choices of a specific PHI. A generally lower preference of farmers with available storage capacities for using PHIs as assumed in many theoretical contributions in the literature, however, cannot be confirmed.

Provider preferences for resolving uncertainty and avoiding harms in precision medicine: a discrete choice experiment

2020 ◽  
Vol 17 (5) ◽  
pp. 389-398
Author(s):  
Nathaniel Hendrix ◽  
Dean A Regier ◽  
Jagori Chatterjee ◽  
Devender S Dhanda ◽  
Anirban Basu ◽  
...  
Keyword(s):  
Life Expectancy ◽  
Discrete Choice Experiment ◽  
Discrete Choice ◽  
Choice Experiment ◽  
Mixed Logit ◽  
National Sample ◽  
Mixed Logit Model ◽  
Patient Health ◽  
And Function ◽  
Substantial Uncertainty

Background: Substantial uncertainty exists about how providers assess the value of genomic testing. Materials & methods: We developed and administered a discrete choice experiment to a national sample of providers. We analyzed responses using an error components mixed logit model. Results: We received responses from 356 providers. The attributes important to providers were patient health and function, life expectancy, cost, expert agreement, and biomarker prevalence. Providers significantly valued reducing uncertainty only when it eliminated the possibility of decreased life expectancy. Providers valued improving certainty about life expectancy gains from 12 ± 18 to 12 ± 6 months at US$400 (US$200–600) versus US$200 (-US$60–500) for 4 ± 4 to 4 ± 2 years. Conclusion: Providers value resolving uncertainty most when it eliminates the possibility of substantial harm.

scholarly journals Parental Vaccine Preferences for Their Children in China: A Discrete Choice Experiment

Vaccines ◽  
2020 ◽  
Vol 8 (4) ◽  
pp. 687
Author(s):  
Tiantian Gong ◽  
Gang Chen ◽  
Ping Liu ◽  
Xiaozhen Lai ◽  
Hongguo Rong ◽  
...  
Keyword(s):  
Side Effects ◽  
Discrete Choice Experiment ◽  
Discrete Choice ◽  
Logit Model ◽  
Choice Experiment ◽  
Stated Preference ◽  
Mixed Logit ◽  
National Sample ◽  
Preference Heterogeneity ◽  
Mixed Logit Model

Background: Vaccination is one of the most cost-effective health investments to prevent and control communicable diseases. Improving the vaccination rate of children is important for all nations, and for China in particular since the advent of the two-child policy. This study aims to elicit the stated preference of parents for vaccination following recent vaccine-related incidents in China. Potential preference heterogeneity was also explored among respondents. Methods: A discrete choice experiment was developed to elicit parental preferences regarding the key features of vaccines in 2019. The study recruited a national sample of parents from 10 provinces who had at least one child aged between 6 months and 5 years old. A conditional logit model and a mixed logit model were used to estimate parental preference. Results: A total of 598 parents completed the questionnaire; among them, 428 respondents who passed the rational tests were analyzed. All attributes except for the severity of diseases prevented by vaccines were statistically significant. The risk of severe side effects and protection rates were the two most important factors explaining parents’ decisions about vaccination. The results of the mixed logit model with interactions indicate that fathers or rural parents were more likely to vaccinate their children, and children whose health was not good were also more likely to be vaccinated. In addition, parents who were not more than 30 years old had a stronger preference for efficiency, and well-educated parents preferred imported vaccines with the lowest risk of severe side effects. Conclusion: When deciding about vaccinations for their children, parents in China are mostly driven by vaccination safety and vaccine effectiveness and were not affected by the severity of diseases. These findings will be useful for increasing the acceptability of vaccination in China.

scholarly journals Experts’ preferences for sarcopenia outcomes: a discrete-choice experiment from a working group of the European Society for Clinical and Economic Aspects of Osteoporosis, Osteoarthritis and Musculoskeletal Diseases (ESCEO) in collaboration with the European Union of Geriatric Medicine Society (EUGMS)

2021 ◽  
Author(s):  
Charlotte Beaudart ◽  
◽  
Jürgen M. Bauer ◽  
Francesco Landi ◽  
Olivier Bruyère ◽  
...  
Keyword(s):  
Quality Of Life ◽  
Discrete Choice Experiment ◽  
Discrete Choice ◽  
Choice Experiment ◽  
Musculoskeletal Diseases ◽  
Geriatric Medicine ◽  
Mixed Logit ◽  
The European Union ◽  
Domestic Activities

Abstract Background and aims To assess experts’ preference for sarcopenia outcomes. Methods A discrete-choice experiment was conducted among 37 experts (medical doctors and researchers) from different countries around the world. In the survey, they were repetitively asked to choose which one of two hypothetical patients suffering from sarcopenia deserves the most a treatment. The two hypothetical patients differed in five pre-selected sarcopenia outcomes: quality of life, mobility, domestic activities, fatigue and falls. A mixed logit panel model was used to estimate the relative importance of each attribute. Results All sarcopenia outcomes were shown to be significant, and thus, important for experts. Overall, the most important sarcopenia outcome was falls (27%) followed by domestic activities and mobility (24%), quality of life (15%) and fatigue (10%). Discussion and conclusion Compared to patient’s preferences, experts considered falls as a more important outcome of sarcopenia, while the outcomes fatigue and difficulties in domestic activities were considered as less important.

scholarly journals The Biggest Bang for the Buck: Valuation of Various Components of a Regional Promotion Campaign by Participating Restaurants

2014 ◽  
Vol 46 (2) ◽  
pp. 193-208 ◽  
Author(s):  
Ran Xie ◽  
Olga Isengildina-Massa ◽  
Carlos E. Carpio
Keyword(s):  
South Carolina ◽  
Willingness To Pay ◽  
Logit Model ◽  
Choice Experiment ◽  
Economic Value ◽  
Mixed Logit ◽  
Mixed Logit Model ◽  
Positive Economic ◽  
Level Of Satisfaction

This study examined how various components of the Certified South Carolina campaign are valued by participating restaurants. A choice experiment was conducted to estimate the average willingness to pay (WTP) for each campaign component using a mixed logit model. Three existing campaign components—Labeling, Multimedia Advertising, and the “Fresh on the Menu” program—were found to have a significant positive economic value. Results also revealed that the type of restaurant, the level of satisfaction with the campaign, and the factors motivating participation significantly affected restaurants' WTP for the campaign components.

scholarly journals Job preferences for medical and nursing students to work in rural Guizhou Province, China: a discrete choice experiment

2020 ◽  
Author(s):  
Meiling Bao ◽  
Cunrui Huang
Keyword(s):  
Nursing Students ◽  
Discrete Choice ◽  
Rural Areas ◽  
Choice Experiment ◽  
Health Workers ◽  
Mixed Logit ◽  
Guizhou Province ◽  
Medical Order ◽  
Medical University ◽  
Education Opportunity

Abstract Background Maldistribution of health workers between urban and rural areas has been a critical difficulty in China. The shortage of health workers in disadvantaged areas reduces access to essential health services delivery, and adversely affects the population health. Policies on attracting health workers to locate in rural areas are needed to be explored. In order to identify the appropriate incentives, we conducted a discrete choice experiment to determine how specific job attributes might be valued by final year students in medical university in Guizhou Province, China. Methods Attributes of potential job were developed through literature review, in-depth semi-structured interviews and pretest. Salary, education opportunity, transportation, job location, workload, essential equipment, medical order, and identification ('bianzhi') were included. The questionnaire was formulated through a fractional factorial experiment design using %MktRuns macros of SAS 9.4. All medical and nursing students in the final year at Guizhou Medical University were invited to participate in the study. Mixed logit model was used to estimate stated preferences of attributes. Willingness to pay and uptake rates for a defined job were also calculated based on the mixed logit estimates. Results The final sample comprised 787 respondents, including 388 medical students and 399 nursing students. Attributes were statistically significant (with the exception of once every two years for education opportunity) and had expected signs. The results indicate that physical conflict between doctors and patients and identification ('bianzhi') were two of the most important non-monetary job characteristics for both medical and nursing students. And nursing students placed more value on identification ('bianzhi'). Policy simulation suggests that as for the individual incentive respondents were most sensitive to salary increasing. Incentive packages effects were stronger for students from rural background. Conclusions Strategies on medical order, identification ('bianzhi') and salary should be considered to attract final year medical and nursing students to work in rural areas. In addition, specific recruitment policy design tailored for subgroups should be taken into account.

scholarly journals Finding the best fit: examining the decision-making of augmentative and alternative communication professionals in the UK using a discrete choice experiment

BMJ Open ◽  
2019 ◽  
Vol 9 (11) ◽  
pp. e030274
Author(s):  
Edward J D Webb ◽  
Yvonne Lynch ◽  
David Meads ◽  
Simon Judge ◽  
Nicola Randall ◽  
...  
Keyword(s):  
Decision Making ◽  
Discrete Choice Experiment ◽  
Discrete Choice ◽  
Choice Experiment ◽  
Augmentative And Alternative Communication ◽  
Mixed Logit ◽  
Information Criterion ◽  
Alternative Communication ◽  
Trade Offs ◽  
The Uk

ObjectivesMany children with varied disabilities, for example, cerebral palsy, autism, can benefit from augmentative and alternative communication (AAC) systems. However, little is known about professionals’ decision-making when recommending symbol based AAC systems for children. This study examines AAC professionals’ preferences for attributes of AAC systems and how they interact with child characteristics.DesignAAC professionals answered a discrete choice experiment survey with AAC system and child-related attributes, where participants chose an AAC system for a child vignette.SettingThe survey was administered online in the UK.Participants155 UK-based AAC professionals were recruited between 20 October 2017 and 4 March 2018.OutcomesThe study outcomes were the preferences of AAC professionals’ as quantified using a mixed logit model, with model selection performed using a step-wise procedure and the Bayesian Information Criterion.ResultsSignificant differences were observed in preferences for AAC system attributes, and large interactions were seen between child attributes included in the child vignettes, for example, participants made more ambitious choices for children who were motivated to communicate using AAC, and predicted to progress in skills and abilities. These characteristics were perceived as relatively more important than language ability and previous AAC experience.ConclusionsAAC professionals make trade-offs between attributes of AAC systems, and these trade-offs change depending on the characteristics of the child for whom the system is being provided.

Can a Discrete Choice Experiment contribute to person-centred healthcare?

2015 ◽  
Vol 3 (4) ◽  
pp. 431 ◽  
Author(s):  
Mette Kjer Kaltoft ◽  
Jesper Bo Neilsen ◽  
Glenn Salkeld ◽  
Jack Dowie
Keyword(s):  
Decision Making ◽  
Discrete Choice Experiment ◽  
Discrete Choice ◽  
Clinical Relevance ◽  
Choice Experiment ◽  
Clinical Decision Making ◽  
Individual Preference ◽  
Clinical Decision ◽  
Group Level ◽  
The Individual

In person-centred decision making the relative importance of the considerations that matter to the person is elicited and combined, at the point of decision, with the best estimates available on the performance of the available options on those criteria. Whatever procedure is used to implement this in a clinical decision, average preferences emerging from group or subgroup research cannot contribute directly, since they can have only a statistical relationship with the preferences of the individual person. The precise relationship is knowable by eliciting those of the individual concerned, but there would be little point consulting the averages if this is done. A scan of recent Discrete Choice Experiment (DCE) publications reveals frequent claims that the group-level results can somehow contribute to, or facilitate, better clinical decision making. Typically there are only vague or ambiguous indications of how this could happen, the ambiguity often arising from the use and positioning of the apostrophe in the words persons and patients. Only when the person opts out of preference provision and asks to be treated as ‘average’, can the results of a DCE have clinical relevance in genuinely person-centred healthcare. One cannot derive an ought from an is and one cannot derive an I from a they. DCE researchers should refrain from implying that their results could, let alone should, have any impact on person-centred clinical decisions. Group-level DCE results are clearly conceptually appropriate for health system or service decisions, but the suggestion that they have clinical relevance is a serious deterrent to the development and provision of effective means of individual preference elicitation and specification at the point of decision. Those who wish to foster person-centred care should be alert to the dangers of claims based on group-level analyses such as DCEs.  

scholarly journals Preferences for healthcare services among hypertension patients in China: a discrete choice experiment

BMJ Open ◽  
2021 ◽  
Vol 11 (12) ◽  
pp. e053270
Author(s):  
Xiaolan Yu ◽  
Haini Bao ◽  
Jianwei Shi ◽  
Xiaoyu Yuan ◽  
Liangliang Qian ◽  
...  
Keyword(s):  
Discrete Choice Experiment ◽  
Discrete Choice ◽  
Choice Experiment ◽  
Healthcare Providers ◽  
Mixed Logit ◽  
Good Health ◽  
Healthcare Services ◽  
Efficient Design ◽  
Healthcare Facilities ◽  
Patient Centred Care

ObjectivesOur study aimed to support evidence-informed policy-making on patient-centred care by investigating preferences for healthcare services among hypertension patients.DesignWe identified six attributes of healthcare services for a discrete choice experiment (DCE), and applied Bayesian-efficient design with blocking techniques to generate choice sets. After conducting the DCE, we used a mixed logit regression model to investigate patients’ preferences for each attribute and analysed the heterogeneities in preferences. Estimates of willingness to pay were derived from regression coefficients.SettingThe DCE was conducted in Jiangsu province and Shanghai municipality in China.ParticipantsPatients aged 18 years or older with a history of hypertension for at least 2 years and who took medications regularly were recruited.ResultsPatients highly valued healthcare services that produced good treatment effects (β=4.502, p<0.001), followed by travel time to healthcare facilities within 1 hour (β=1.285, p<0.001), and the effective physician–patient communication (β=0.771, p<0.001). Continuity of care and minimal waiting time were also positive predictors (p<0.001). However, the out-of-pocket cost was a negative predictor of patients’ choice (β=−0.168, p<0.001). Older adults, patients with good health-related quality of life, had comorbidities, and who were likely to visit secondary and tertiary hospitals cared more about favourable effects (p<0.05). Patients were willing to pay ¥2489 (95% CI ¥2013 to ¥2965) as long as the clinical benefits gained were substantial.ConclusionsOur findings highlight the importance of effective, convenient, efficient, coordinated and patient-centred care for chronic diseases like hypertension. Policy-makers and healthcare providers are suggested to work on aligning the service provision with patients’ preferences.

scholarly journals Location, Location, Location: A Discrete Choice Experiment to Inform Vaccination Programme Delivery in the UK

2021 ◽  
Author(s):  
Robert McPhedran ◽  
Natalie Gold ◽  
Charlotte Bemand ◽  
Dale Weston ◽  
Rachel Rosen ◽  
...  
Keyword(s):  
Discrete Choice Experiment ◽  
Discrete Choice ◽  
Vaccination Programme ◽  
Logit Model ◽  
Choice Experiment ◽  
Large Scale ◽  
Mixed Logit ◽  
Fractional Factorial ◽  
Delivery Mode ◽  
The Uk

Abstract BackgroundLarge-scale vaccination is fundamental to combatting COVID-19. In March 2021, the UK’s vaccination programme had delivered vaccines to large proportions of older and more vulnerable population groups; however, there was concern that uptake would be lower among young people. This research was designed to elicit the preferences of 18-29-year-olds with respect to key delivery characteristics.MethodsFrom 25 March - 2 April 2021, an online sample of 2,021 UK adults aged 18-29 years participated in a Discrete Choice Experiment. Participants made six choices, each between two SMS invitations to get vaccinated; each choice also had an opt-out. Each invitation had four attributes (1 x 5 levels, 3 x 3 levels): delivery mode, appointment timing, proximity, and SMS sender. These were systematically varied according to a d-optimal fractional factorial design. Order of presentation was randomised for each participant. Responses were analysed using a mixed logit model.ResultsThe logit model revealed a large alternative-specific constant (β = 1.385, SE = 0.067, p <0.001), indicating a strong preference for ‘opting in’ to appointment invitations. Pharmacies were dispreferred to the local vaccination centre (β = -0.256, SE = 0.072, p <0.001), appointments in locations that were 30-45 minutes travel time from one’s premises were dispreferred to locations that were less than 15 minutes away (β = -0.408, SE = 0.054, p <0.001), and, compared to invitations sent by the NHS, SMSs forwarded by ‘a friend’ were dispreferred (β = -0.615, SE = 0.056, p <0.001) but invitations from the General Practitioner were preferred (β = 0.105, SE = 0.048, p = 0.028).ConclusionsThe results indicated that the existing configuration of the UK’s mass vaccination programme was well-placed to deliver vaccines to 18-29-year-olds; however, some adjustments might enhance acceptance. Local pharmacies were not preferred; long travel times were a disincentive but close proximity (0-15 minutes from one’s premises) was not necessary; and either the ‘NHS’ or ‘Your GP’ would serve as adequate invitation sources. This research informed COVID-19 policy in the UK, and contributes to a wider body of Discrete Choice Experiment evidence on citizens’ preferences, requirements and predicted behaviours regarding COVID-19.

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