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Consistency in preferences for road safety: An analysis of precautionary and stated behavior

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  • Andersson, Henrik

Abstract

This study analyzes stated willingness to pay (WTP) for trafic safety, the use of trafic safety equipments, and the consistency between the two. Using data from a Swedish contingent valuation study we find that the estimated value of a statistical life (VSL) based on the respondents' rear- seatbelt usage is similar to the estimate found using the respondents' stated WTP. However, when estimating VSL based on the respondents' use of bicycle helmets we find a significantly higher VSL; the VSL from bicycle-helmet usage is 7 times higher than the estimate based on seatbelt usage. Moreover, we do not find any strong relationship between risk perception and usage, or individual stated WTP and usage. Hence, the main conclusion, based on our analysis, is that stated and observed WTP are not consistent.

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Bibliographic Info

Paper provided by Toulouse School of Economics (TSE) in its series TSE Working Papers with number 12-359.

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Date of creation: Nov 2012
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Publication status: Published in Research in Transportation Economics, vol.�43, n°1, juillet 2013, p.�41-49.
Handle: RePEc:tse:wpaper:26572

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Keywords: Revealed preferences; Road safety; Stated preferences; Value of a statistical life; Willingness to pay;

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  1. 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).
  2. Andersson, Henrik & Treich, Nicolas, 2009. "The Value of a Statistical Life," TSE Working Papers 09-015, Toulouse School of Economics (TSE).
  3. Arianne de Blaeij & Raymond J.G.M. Florax & Piet Rietveld & Erik T. Verhoef, 2000. "The Value of Statistical Life in Road Safety: A Meta-Analysis," Tinbergen Institute Discussion Papers 00-089/3, Tinbergen Institute.
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  9. Andersson, Henrik & Lindberg, Gunnar, 2007. "Benevolence and the value of road safety," Working Papers 2007:4, Swedish National Road & Transport Research Institute (VTI), revised 04 Jun 2008.
  10. Glenn C. Blomquist, 2004. "Self-Protection and Averting Behavior, Values of Statistical Lives, and Benefit Cost Analysis of Environmental Policy," Review of Economics of the Household, Springer, vol. 2(1), pages 89-110, 03.
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  19. Henrik Andersson & Petter Lundborg, 2007. "Perception of own death risk," Journal of Risk and Uncertainty, Springer, vol. 34(1), pages 67-84, February.
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  25. Max, Wendy Ph.D. & Rice, Dorothy P & Sung, Hai-Yen & Michel, Martha, 2004. "Valuing Human Life: Estimating the Present Value of Lifetime Earnings, 2000," University of California at San Francisco, Center for Tobacco Control Research and Education qt82d0550k, Center for Tobacco Control Research and Education, UC San Francisco.
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  31. Hammitt James K. & Robinson Lisa A, 2011. "The Income Elasticity of the Value per Statistical Life: Transferring Estimates between High and Low Income Populations," Journal of Benefit-Cost Analysis, De Gruyter, vol. 2(1), pages 1-29, January.
  32. Hammitt, James K & Graham, John D, 1999. "Willingness to Pay for Health Protection: Inadequate Sensitivity to Probability?," Journal of Risk and Uncertainty, Springer, vol. 18(1), pages 33-62, April.
  33. Jahn K. Hakes & W. Kip Viscusi, 2007. "Automobile Seatbelt Usage and the Value of Statistical Life," Southern Economic Journal, Southern Economic Association, vol. 73(3), pages 659–676, January.
  34. Henrik Andersson, 2005. "The Value of Safety as Revealed in the Swedish Car Market: An Application of the Hedonic Pricing Approach," Journal of Risk and Uncertainty, Springer, vol. 30(3), pages 211-239, May.
  35. Keeler, Emmett B., 2001. "The value of remaining lifetime is close to estimated values of life," Journal of Health Economics, Elsevier, vol. 20(1), pages 141-143, January.
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