Willingness-to-pay for a statistical life in the times of a pandemic
AbstractA contingent valuation was performed based on cross-sectional web-based interviews of individuals aged 16-82 years of age presenting a scenario of influenza pandemic. The mean WTP for a course of Tamiflu was NOK 1034 (median NOK 250). Anxious individuals perceived the pandemic mortality risk to be higher than others, but also perceived the benefit of Tamiflu as greater. They also expressed a higher WTP for Tamiflu, but the implied VOSL was less than for other respondents. The results suggest that fear and anxiety distort decision making under uncertainty and decrease focus on the perceived risk reduction. Copyright © 2007 John Wiley & Sons, Ltd.
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Bibliographic InfoArticle provided by John Wiley & Sons, Ltd. in its journal Health Economics.
Volume (Year): 17 (2008)
Issue (Month): 1 ()
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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/5749
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- W. Kip Viscusi & Joseph E. Aldy, 2003.
"The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World,"
NBER Working Papers
9487, National Bureau of Economic Research, Inc.
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- Zeckhauser, Richard J, 1996. "The Economics of Catastrophes," Journal of Risk and Uncertainty, Springer, vol. 12(2-3), pages 113-40, May.
- Han Bleichrodt & Louis Eeckhoudt, 2006. "Willingness to pay for reductions in health risks when probabilities are distorted," Health Economics, John Wiley & Sons, Ltd., vol. 15(2), pages 211-214.
- Sunstein, Cass R, 1997. "Bad Deaths," Journal of Risk and Uncertainty, Springer, vol. 14(3), pages 259-82, May-June.
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