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Risk, Self-Protection, and Ex Ante Economic Value

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Jason F. Shogren
Thomas D. Crocker

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Abstract

We develop three propositions about the ex ante value of reduced risk. If there is a continuous outcome distribution and if self-protection influences outcome probability and severity, then: (1) unobservable utility terms cannot be eliminated from the ex ante value expressions; (2) knowledge of the convexity or the nonconvexity of dose-response functions is insufficient to sign changes in these expressions; and (3) self-protection expenditures need not be a lower bound measure of these expressions. Therefore, many restrictions applied in recent empirical work on the economic value of risk changes are not immediately transferable to settings where endogenous risks prevail.

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Paper provided by Center for Agricultural and Rural Development (CARD) at Iowa State University in its series Center for Agricultural and Rural Development (CARD) Publications with number 90-wp57.

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Date of creation: May 1990
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Handle: RePEc:ias:cpaper:90-wp57

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  1. Hultkrantz, Lars & Lindberg, Gunnar, 2009. "Pay-As-You-Speed: An Economic Field-Experiment," Working Papers 2009:12, Örebro University, Swedish Business School. [Downloadable!]
  2. Xuehong Wang & John Rolfe, 2009. "Incorporating issues of risk and uncertainty into Choice Modelling experiments," Environmental Economics Research Hub Research Reports 0912, Environmental Economics Research Hub, Crawford School, Australian National University. [Downloadable!]
  3. Gnedenko Ekaterina & Gorbunova Zoya & Safonov Georgy, 2000. "Contingent Valuation of Drinking Water Quality in Samara City," EERC Working Paper Series 98-263e, EERC Research Network, Russia and CIS. [Downloadable!]
  4. Anna Alberini & Stefania Tonin & Margherita Turvani, 2009. "The Value of Reducing Cancer Risks at Contaminated Sites: Are More Heavily Exposed People Willing to Pay More?," Working Papers 2009.60, Fondazione Eni Enrico Mattei. [Downloadable!]
  5. Gregory Poe & Richard Bishop, 1999. "Valuing the Incremental Benefits of Groundwater Protection when Exposure Levels are Known," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 13(3), pages 341-367, April. [Downloadable!] (restricted)
  6. Cai, Yongxia & Shaw, W. Douglass & Wu, Ximing, 2008. "Risk Perception and Altruistic Averting Behavior: Removing Arsenic in Drinking Water," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6149, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  7. Perrings, Charles, 2001. "The economics of biological invasions," Land Use and Water Resources Research, University of Newcastle upon Tyne, Centre for Land Use and Water Resources Research, vol. 1. [Downloadable!]
  8. Jason F. Shogren, 1990. "Impact of Self-Protection and Self-Insurance on Individual Response to Risk, The," Center for Agricultural and Rural Development (CARD) Publications 90-wp53, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
  9. Roe, Brian, 1999. "Preventable Food Borne Illness With Dose-Response Damages: Optimal Sharing Of Prevention Between Consumers And Processors And The Effect Of Product Liability," 1999 Annual meeting, August 8-11, Nashville, TN 21668, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  10. Todd Cherry & Peter Frykblom & Jason Shogren & John List & Melonie Sullivan, 2004. "Laboratory Testbeds and Non-Market Valuation: The Case of Bidding Behavior in a Second-Price Auction with an Outside Option," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 29(3), pages 285-294, November. [Downloadable!] (restricted)
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  11. Aadland, David & Finnoff, David, 2007. "Syphilis Cycles," MPRA Paper 8722, University Library of Munich, Germany. [Downloadable!]
  12. Horan, Richard D. & Shogren, Jason F. & Gramig, Benjamin M., 2006. "Wildlife Conservation Payments to Address Habitat Fragmentation and Disease Risks," 2006 Annual meeting, July 23-26, Long Beach, CA 21076, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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