On the validity of contingent valuation: A psychological perspective.

This thesis addresses the validity of the Contingent Valuation (CV) methodology. Unlike conventional economic approaches, this is based on stated preferences in hypothetical market scenarios and is used in attempts to estimate economic benefits of non-marketed public goods, most notably natural resources. However, the methodology is not without controversy and many researchers question people's ability to provide valid economic values for environmental amenities in these contexts. The present research applies a psychological perspective to this area, and hence adopts a different approach than mainstream work in the field that has traditionally been more concerned with methodological procedures and how well data fit with economic theory. The first section presents the rationale of the CV methodology and reviews a number of conceptual problems and empirical anomalies that have been demonstrated across studies and contexts. It sets these within a theoretical framework that, it is envisaged, will contribute to our understanding of people's responses to CV questions. In the empirical section a number of hypotheses derived from this theorising are tested. The results indicate that statements of economic value, particularly for complex amenities, are unresponsive to the magnitude or importance of the resource being valued. Some people also tend to provide, often seemingly 'reasonable' responses, irrespective of their ambivalence toward the valuation procedure. It is further demonstrated that there is a high degree of uncertainty involved in reported economic value, indicating that CV responses are quite imprecise representations of underlying preferences. Finally, hypothetical willingness to pay are shown to be a poor indicator of real economic commitments, resulting partly from the self-image people strive to achieve in these contexts, particularly when choices appear inconsequential. The major conclusions of the thesis are that responses in CV studies to a large extent are motivated by expressive rather than instrumental considerations, that respondents' interpretations of the valuation task do not always correspond with the intention by the researcher, and that situational and contextual factors have important implications for the assessment of environmental benefits

Modelling the effect of beliefs about asthma medication and treatment intrusiveness on adherence and preference for once-daily vs. twice-daily medication

We thank the study participants whose data were used in this analysis. Medical writing support in the form of development of a draft outline and manuscript drafts in consultation with the authors, assembling tables and figures, collating author comments, copyediting, referencing and graphic services was provided by Jennifer Lawton, PhD, of Gardiner-Caldwell Communications, Macclesfield, UK, and was funded by GlaxoSmithKline. Study GHO-10-4705 is sponsored by GSK. These analyses were funded by GlaxoSmithKline (study GHO-10-4705) and supported by Spoonful of Sugar Ltd (A UCL Business spin out company). Sarah Chapman and Peter Dale were Employed by UCL School of Pharmacy at the time of involvement in this study. Gillian Stynes was employed by GSK at the time of involvement in this study. Previous presentations: These data were presented by S.C. in a poster at the European Respiratory Society 2016 Congress, and the abstract has been published: Chapman et al. Eur Respir J. 2016; 48 (Suppl 60): PA5018.Peer reviewedPublisher PD

Effect of Inhaled Corticosteroid Therapy Step-Down and Dosing Regimen on Measures of Asthma Control

Peer reviewedPublisher PD

Ambivalent statements in contingent valuation studies: inclusive response formats and giving respondents time to think

A recent concern in the valuation literature is the uncertainty respondents feel when posed with willingness-to-pay questions for environmental amenities in hypothetical market scenarios. Using a multiple-bounded discrete-choice format, the results indicate that respondents become less ambivalent when allowed considerable time to think about the valuation task before a response is elicited. In particular they tend to reduce the reported willingness to pay associated with low certainty of paying, hence resulting in more conservative welfare estimates. Implications for the application of environmental valuation techniques are discussed

Momentum trading, disposition effects and prediction of future share prices: an experimental study of multiple reference points in responses to short- and long-run return trends

Returns of equities tend to exhibit momentum in the short to medium term and reversals in the longer term. While presenting results partly supporting such findings, we demonstrate that investors rely on multiple reference points in their trading behaviour. In particular it is shown that the interaction between long- and short-run returns may have important explanatory value for investment decisions. Predictions of future stock prices furthermore tend to be positively biased when evaluated against trading patterns, while loss aversion may drive investors to sometimes act against their beliefs about market sentiments. Implications for market responses to price movements are discussed.

Effectiveness of fluticasone furoate/vilanterol versus fluticasone propionate/salmeterol on asthma control in the Salford Lung Study

Objective: The Asthma Salford Lung Study demonstrated the effectiveness of initiating once-daily fluticasone furoate/vilanterol (FF/VI) versus continuing usual care in asthma patients in UK primary care [1]. Here, we report a secondary analysis in a subset of patients with fluticasone propionate/salmeterol (FP/Salm) as their baseline intended maintenance therapy, to evaluate the relative effectiveness of initiating FF/VI versus continuing FP/Salm. Methods: Adults with symptomatic asthma were randomised to initiate FF/VI 100[200]/25 µg or continue FP/Salm. The Asthma Control Test (ACT), Asthma Quality of Life Questionnaire (AQLQ), Work Productivity and Activity Impairment Asthma questionnaire, severe exacerbations, salbutamol inhaler prescriptions and serious adverse events (SAEs) were recorded throughout the 12-month treatment period. Results: One thousand two hundred and sixty-four patients (FF/VI 646; FP/Salm 618) were included in this subset analysis; 978 had baseline ACT score p Conclusions: For patients in primary care, initiating FF/VI was significantly better than continuing with FP/Salm for improving asthma control and quality of life, and reducing asthma exacerbations, with no notable difference in SAEs. ClinicalTrials.gov: NCT01706198. Trial registration:ClinicalTrials.gov identifier: NCT01706198.</p