Valuation of morbidity associated with childhood asthma is significant both to policy and to non-market valuation methodologies. Our results show that household perceptions and beliefs, such as belief in one’s ability to predict and control asthma attacks, and relative perceptions of the overall burden asthma places on a family, have a larger impact on valuation than traditional measures of asthma severity. More generally, our approach can be applied to other chronic illnesses as well, such as diabetes or chronic pain.