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Willingness to Pay for Car Safety: Sensitivity to Time Framing

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Author Info

  • Andersson, Henrik

    ()
    (VTI)

  • Hammitt, James

    ()
    (Harvard University, Center for Risk Analysis)

  • Lindberg, Gunnar

    ()
    (VTI)

  • Sundström, Kristian

    ()
    (Sw Inst for Food and Agric Economics)

Abstract

Stated preference (SP) surveys attempt to obtain monetary values for non-market goods that reflect individuals' “true”' preferences. Numerous empirical studies suggest that monetary values from SP studies are sensitive to survey design and so may not reflect respondents' true preferences. This study examines the effect of time framing on respondents' willingness to pay (WTP) for car safety. We explore how WTP per unit risk reduction depends on the time period over which respondents pay and face reduced risk. Using data from a Swedish contingent valuation survey, we find that WTP is sensitive to time framing; estimates based on an annual scenario are about 30 to 70 percent higher than estimates from a monthly scenario.

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File URL: http://www.transportportal.se/SWoPEc/Andersson_etal_VSL_Time.pdf
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Bibliographic Info

Paper provided by Swedish National Road & Transport Research Institute (VTI) in its series Working Papers with number 2008:8.

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Length: 27 pages
Date of creation: 03 Jul 2008
Date of revision:
Handle: RePEc:hhs:vtiwps:2008_008

Contact details of provider:
Postal: VTI, Transport Economics, P.O. Box 6056, SE-171 06 Solna, Sweden
Phone: +46-13-20 40 00
Fax: +46-13-14 14 36
Email:
Web page: http://www.vti.se/tek
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Related research

Keywords: Car safety; Contingent valuation; Double bound; Willingness to pay;

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Cited by:
  1. Sundström, Kristian & Andersson, Henrik, 2009. "Swedish Consumers' Willingness to Pay for Food Safety - a Contingent Valuation Study on Salmonella Risk," Working Papers 2009:2, Swedish National Road & Transport Research Institute (VTI).
  2. Andersson, Henrik, 2008. "Perception of Own Death Risk: A Reassessment of Road-Traffic Mortality Risk," Working Papers 2008:11, Swedish National Road & Transport Research Institute (VTI).
  3. Andersson, Henrik & Hammitt, James & Sundström, Kristian, 2011. "Willingness to pay and QALYs: What can we learn about valuing foodborne risk?," TSE Working Papers 11-272, Toulouse School of Economics (TSE).

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