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The Hedonics of Hedonism - Estimating the Value of Risk-Taking Activities

  • Stefan Borsky
  • Paul A. Raschky

This paper estimates the individual willingness to pay (WTP) for the option to exercise risk-taking. We use data of 69 Austrian Ski resorts and 3,637 reported ski accidents and apply the hedonic market method. Our results suggest that the individual WTP for a hypothetical increase in the possibility to undertake risk-taking activities lies between 11% and 25% of the price of a ski-lift-ticket. Monetized values help design pricing schemes that set incentives to reduce risk-taking behavior as well as to develop alternative instruments to reduce the adverse effects of risk-taking activities (e.g. accidents). Copyright 2009 Blackwell Publishing Ltd.

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Article provided by Wiley Blackwell in its journal Kyklos.

Volume (Year): 62 (2009)
Issue (Month): 2 (04)
Pages: 210-225

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Handle: RePEc:bla:kyklos:v:62:y:2009:i:2:p:210-225
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