OBJECTIVES: This study uses conjoint analysis to examine women's health preferences toward three post-menopausal risk factors: osteoporosis, heart disease, and breast cancer. Willingness to pay (WTP) to reduce the risk of exposure was also examined. METHODS: A questionnaire containing three parts: conjoint analysis to assess health preferences toward the easiest (hardest) condition to live with (levels: 25%, 50%, 75%), WTP to reduce risk factor exposure 0%, 50%, 25%, respectively, and demographic characteristics was administered to a random sample of women currently participating in a large observational study at the University of Alabama Birmingham, School of Medicine. Of the 99 responses obtained, 83 were suitable for conjoint analysis. Visual analog scales established validity and quality of life measures assessed current health status. RESULTS: Overall utilities for the best possible preferences were 1.573, -0.696, -0.877 for osteoporosis, heart disease, and breast cancer, respectively, with Log likelihood = -1077.21, ?2 = 671.4, P<0.001, Pseudo R = 0.24 for the binary logit model. Similar patterns were observed for the worst possible preferences. Average WTP values to reduce exposure to the three risk factors levels that were the easiest to live with ranged from $224.50 to $3500. Alternatively, WTP values to reduce exposure for risk factor levels that were the hardest to live with ranged from $425.00 to $6500. Patient preferences were consistent with the assumptions of decision theory and income levels. CONCLUSIONS: Findings from this study reveal the usefulness of conjoint analysis to assess health preferences with respect to disease severity, risk, and the possibility of future encounters.