Stated preference methods using surveys to elicit willingness to pay have been shown to suffer from hypothetical bias and scope/scale bias. Hypothetical bias usually means that willingness to pay is exaggerated in the hypothetical scenario and scope/scale bias means that there is an insensitivity in willingness to pay with regard to the amount of goods or the size of a good being valued. Experimental results in social psychology and economics have shown that only trusting the most certain respondents can potentially solve the problem with hypothetical bias and scope/scale bias. This paper presents the results of two different surveys in Sweden estimating the willingness to pay to reduce traffic mortality risks by only including the most certain respondents. Using the full sample, estimates of VOSL are $4.2 and $7.3 million. Estimates of VOSL on the subset of the samples only including the most certain respondents are lower and consistent between the two surveys with values of $2.9 and $3.1 million.
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Paper provided by Örebro University, Swedish Business School in its series Working Papers with number
2006:6.
Length: 22 pages Date of creation: 27 Sep 2006 Date of revision:
25 Jul 2007 Publication status: Published in Accident Analysis & Prevention, 2009, pages 430-437. Handle: RePEc:hhs:oruesi:2006_006
Note: Published:Svensson, M., (2009), “The value of a statistical life in Sweden: Estimates from two studies using the “Certainty Approach” calibration”, Accident Analysis & Prevention, Vol 41(3): 430-437. Contact details of provider: Postal: Örebro University, Swedish Business School, SE - 701 82 ÖREBRO, Sweden Phone: 019-30 30 00 Fax: 019-33 25 46 Web page: http://www.oru.se/templates/oruExtDeptIntroPage.aspx?id=3059 More information through EDIRC
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Find related papers by JEL classification: D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
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