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Willingness to Pay for Mortality Risk Reductions: Does Latency Matter?

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Author Info
Anna Alberini (University of Maryland and Fondazione Eni Enrico Mattei)
Maureen Cropper (University of Maryland and the World Bank)
Alan Krupnick (Resources for the Future)
Nathalie B. Simon (US Environmental Protection Agency)

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Abstract

Using results from two contingent valuation surveys conducted in Canada and the U.S., we explore the effect of a latency period on willingness to pay (WTP) for reduced mortality risk using both structural and reduced form approaches. We find that delaying the time at which the risk reduction occurs by 10 to 30 years reduces WTP by more than half for respondents in both samples aged 40 to 60 years. Additionally, we estimate implicit discount rates equal to 8% for Canada and 4.5% for the U.S. – both well within the range established previously in the literature.

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Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2004.53.

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Date of creation: Mar 2004
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Handle: RePEc:fem:femwpa:2004.53

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Related research
Keywords: Value of a statistical life Mortality risks Benefit-cost analyris

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Find related papers by JEL classification:
Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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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. 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.
  2. Horowitz, John K & Carson, Richard T, 1990. " Discounting Statistical Lives," Journal of Risk and Uncertainty, Springer, vol. 3(4), pages 403-13, December.
  3. Viscusi, W. Kip & Moore, Michael J., 1989. "Rates of time preference and valuations of the duration of life," Journal of Public Economics, Elsevier, vol. 38(3), pages 297-317, April. [Downloadable!] (restricted)
  4. Krupnick, Alan, et al, 2002. " Age, Health and the Willingness to Pay for Mortality Risk Reductions: A Contingent Valuation Survey of Ontario Residents," Journal of Risk and Uncertainty, Springer, vol. 24(2), pages 161-86, March. [Downloadable!] (restricted)
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Cited by:
(explanations, 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 & Alberini, Anna & Simon, Nathalie & Itaoka, Kenshi & Akai, Makoto & Cropper, Maureen, 2005. "Age, Health, and the Willingness to Pay for Mortality Risk Reductions: A Contingent Valuation Survey in Japan," Discussion Papers dp-05-34, Resources For the Future. [Downloadable!]
  2. Svensson, Mikael, 2006. "The Value of a Statistical Life in Sweden Estimates from Two Studies using the "Cerainty Approach" Calibration," Working Papers 2006:6, Örebro University, Swedish Business School, revised 25 Jul 2007. [Downloadable!]
  3. Macauley, Molly, 2006. "Some Issues at the Forefront of Public Policy for Environmental Risk," Discussion Papers dp-06-01, Resources For the Future. [Downloadable!]
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