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The Perception and Excessive Valuation of Small, Publicized Drinking Water Risks

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  • Viscusi, W. Kip
  • Huber, Joel
  • Bell, Jason

Abstract

Low probability risks create challenges for individual decisions and potential pressures for government regulation. This article reports original survey evidence regarding the public’s perception and valuation of water-related risks from plastic bottles with bisphenol A, residues in drinking water of the herbicide atrazine, and trace amounts of prescription drugs in water. People who believe that they face high water-related risks generally believe that the risks apply and, given that belief, are willing to pay more to limit the risk. However, the expressed willingness to pay for risk reductions is inordinately high even among those who are unsure of whether they are even exposed to the risk, and therefore may not be reliable as values for the actual benefits.

Suggested Citation

  • Viscusi, W. Kip & Huber, Joel & Bell, Jason, 2020. "The Perception and Excessive Valuation of Small, Publicized Drinking Water Risks," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 11(2), pages 221-243, July.
    • Handle: RePEc:cup:jbcoan:v:11:y:2020:i:2:p:221-243_4
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