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Contingent Valuation of Mortality Risk Reduction in Developing Countries: A Mission Impossible?

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Author Info
Minhaj Mahmud () (Keele University, Centre for Economic Research and School of Economic and Management Studies)

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Abstract

We examine the effect of training the respondents regarding probabilities and risk reductions, in addition to using visual aids to communicate risk and risk reductions, in a contingent valuation survey of mortality risk reduction in Bangladesh. We elicit individuals’ risk perception and find that people on average overestimate the mortality risk at younger ages and underestimate it at older ages. Our results indicate a significantly higher WTP for the trained sub-sample, and WTP is sensitive to the magnitude of risk reduction both with and without the training.

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Publisher Info
Paper provided by Centre for Economic Research, Keele University in its series Keele Economics Research Papers with number KERP 2006/01.

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Length: 23 pages
Date of creation: Jan 2006
Date of revision:
Handle: RePEc:kee:kerpuk:2006/01

Note: An earlier version of this paper is available as Working Paper No 169, Department of Economics, Göteborg University, 2005.
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Postal: Department of Economics, University of Keele, Keele, Staffordshire, ST5 5BG - United Kingdom
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Web page: http://www.keele.ac.uk/depts/ec/cer/
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Postal: Centre for Economic Research, Research Institute for Public Policy and Management, Keele University, Staffordshire ST5 5BG - United Kingdom
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Web: http://www.keele.ac.uk/depts/ec/cer/pubs_kerps.htm

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Related research
Keywords: Contingent valuation risk reduction WTP sensitivity to scope training respondents Bangladesh

Other versions of this item:

Find related papers by JEL classification:
I1 - Health, Education, and Welfare - - Health
D6 - Microeconomics - - Welfare Economics
D8 - Microeconomics - - Information, Knowledge, and Uncertainty
H4 - Public Economics - - Publicly Provided Goods

This paper has been announced in the following NEP Reports:

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  1. Weinstein, Milton C & Shepard, Donald S & Pliskin, Joseph S, 1980. "The Economic Value of Changing Mortality Probabilities: A Decision-Theoretic Approach," The Quarterly Journal of Economics, MIT Press, vol. 94(2), pages 373-96, March. [Downloadable!] (restricted)
  2. Whittington, Dale, 1998. "Administering contingent valuation surveys in developing countries," World Development, Elsevier, vol. 26(1), pages 21-30, January. [Downloadable!] (restricted)
  3. Corso, Phaedra S & Hammitt, James K & Graham, John D, 2001. " Valuing Mortality-Risk Reduction: Using Visual Aids to Improve the Validity of Contingent Valuation," Journal of Risk and Uncertainty, Springer, vol. 23(2), pages 165-84, September. [Downloadable!] (restricted)
  4. Carson, Richard T. & Hanemann, W. Michael, 2006. "Contingent Valuation," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 17, pages 821-936 Elsevier. [Downloadable!] (restricted)
  5. Krupnick, Alan & Cropper, Maureen & Alberini, Anna & Heintzelman, Martin & Simon, Nathalie & O'Brien, Bernie & Goeree, Ron, 2000. "Age, Health, and the Willingness to Pay for Mortality Risk Reductions: A Contingent Valuation Survey of Ontario Residents," Discussion Papers dp-00-37, Resources For the Future. [Downloadable!]
  6. Hammar, Henrik & Johansson-Stenman, Olof, 2001. "The Value Of Risk - Free Cigarettes - Do Smokers Underestimate The Risk?," Working Papers in Economics 61, Göteborg University, Department of Economics. [Downloadable!]
    Other versions:
  7. Alberini, Anna & Cropper, Maureen & Krupnick, Alan & Simon, N.B.Nathalie B., 2004. "Does the value of a statistical life vary with age and health status? Evidence from the US and Canada," Journal of Environmental Economics and Management, Elsevier, vol. 48(1), pages 769-792, July. [Downloadable!] (restricted)
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    Other versions:
  10. Edward Balistreri & Gary McClelland & Gregory Poe & William Schulze, 2001. "Can Hypothetical Questions Reveal True Values? A Laboratory Comparison of Dichotomous Choice and Open-Ended Contingent Values with Auction Values," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 18(3), pages 275-292, March. [Downloadable!] (restricted)
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  14. Fredrik Carlsson & Olof Johansson-Stenman & Peter Martinsson, 2004. "Is Transport Safety More Valuable in the Air?," Journal of Risk and Uncertainty, Springer, vol. 28(2), pages 147-163, 03. [Downloadable!]
    Other versions:
  15. Franz Hackl & Gerald J. Pruckner, 2005. "Warm glow, free-riding and vehicle neutrality in a health-related contingent valuation study," Health Economics, John Wiley & Sons, Ltd., vol. 14(3), pages 293-306. [Downloadable!]
  16. 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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