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Willingness to Pay to Reduce Mortality Risks: Evidence from a Three-Country Contingent Valuation Study

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Author Info
Anna Alberini ()
Alistair Hunt
Anil Markandya

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Abstract

Valuing a change in the risk of death is a key input into the calculation of the benefits of environmental policies that save lives. Typically such risks are monetized using the Value of a Statistical Life (VSL). Since the majority of the lives saved by environmental policies are those of older persons, there has been much recent debate about whether the VSL should be lower for the elderly to reflect their fewer remaining life years. We conducted a contingent valuation survey in the UK, Italy and France designed to answer this question. The survey was administered in these three countries following a standardized protocol. Our results suggest that the VSL is €1.022 million or €2.264 million, depending on whether we use median or mean WTP. The VSL is not significantly lower for older persons, but is higher for persons who have been admitted to a hospital or emergency room for cardiovascular and respiratory problems. Income is positively and significantly associated with WTP. The income elasticities of the WTP increase gradually with income levels and are between 0.15 and 0.5 for current income levels in EU countries. We use the responses to the WTP questions to estimate the value of an extension in remaining life expectancy. The value of a loss of one year’s life expectancy is €54,000 or €163,000. Copyright Springer 2006

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File URL: http://hdl.handle.net/10.1007/s10640-005-3106-2
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Publisher Info
Article provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.

Volume (Year): 33 (2006)
Issue (Month): 2 (02)
Pages: 251-264
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Handle: RePEc:kap:enreec:v:33:y:2006:i:2:p:251-264

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Web page: http://www.springerlink.com/link.asp?id=100263

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Related research
Keywords: contingent valuation; life expectancy; risk reduction; value of a statistical life; willingness to pay; H41; H51; I18; I31; J17;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Krupnick, Alan & Cropper, Maureen & Alberini, Anna & Heintzelman, Martin & Simon, Nathalie & O'Brien, Bernie & Goeree, Ron, 2000. "Age, Health, and the Willingness to Pay for Mortality Risk Reductions: A Contingent Valuation Survey of Ontario Residents," Discussion Papers dp-00-37, Resources For the Future. [Downloadable!]
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  2. Johannesson, Magnus & Johansson, Per-Olov, 1996. "To Be, or Not to Be, That Is the Question: An Empirical Study of the WTP for an Increased Life Expectancy at an Advanced Age," Journal of Risk and Uncertainty, Springer, vol. 13(2), pages 163-74, September.
  3. Alberini, Anna & Cropper, Maureen & Krupnick, Alan & Simon, N.B.Nathalie B., 2004. "Does the value of a statistical life vary with age and health status? Evidence from the US and Canada," Journal of Environmental Economics and Management, Elsevier, vol. 48(1), pages 769-792, July. [Downloadable!] (restricted)
  4. Persson, Ulf, et al, 2001. " The Value of a Statistical Life in Transport: Findings from a New Contingent Valuation Study in Sweden," Journal of Risk and Uncertainty, Springer, vol. 23(2), pages 121-34, September. [Downloadable!] (restricted)
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  1. Anna Alberini & Aline Chiabai, 2006. "Urban Environmental Health and Sensitive Populations: How Much Are the Italians Willing to Pay to Reduce Their Risks?," ERSA conference papers ersa06p293, European Regional Science Association. [Downloadable!]
    Other versions:
  2. Andrea M. Leiter & Gerald J. Pruckner, 2005. "Dying in an Avalanche: Current risks and Valuation," Game Theory and Information 0511009, EconWPA. [Downloadable!]
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