Willingness to pay for improving fatality risks and asthma symptoms: Values for children and adults of all ages
We examine effects of age on valuation of mortality and morbidity risks using a two-stage contingent valuation survey and a sample including parents of children aged 4-17 years and adults aged 18-92. The survey used a hypothetical improved asthma therapy to elicit (1) tradeoffs between asthma control and fatality risk, (2) willingness to pay (WTP) for reduced fatality risk, and (3) WTP for asthma control. The mean value of statistical life (VSL) at average age is $3.8M, but age affects VSL and nonlinearly. Estimated VSL is highest at age four ($14.1M), falls until age 30 ($3.7M), rises until age 66 ($6.7M), and then falls to $1.5M by age 92. Results from the wide age range considered may partly reconcile apparently conflicting results from previous studies focused on narrower age ranges. The value of asthma control is not as strongly related to age as VSL and ranges from $1700 to $4000 annually.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- James Hammitt & Kevin Haninger, 2010. "Valuing fatal risks to children and adults: Effects of disease, latency, and risk aversion," Journal of Risk and Uncertainty, Springer, vol. 40(1), pages 57-83, February.
- Alan Krupnick, 2007. "Mortality-risk Valuation and Age: Stated Preference Evidence," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 1(2), pages 261-282, Summer.
- Viscusi, W Kip & Aldy, Joseph E, 2003.
" The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World,"
Journal of Risk and Uncertainty,
Springer, vol. 27(1), pages 5-76, August.
- W. Kip Viscusi & Joseph E. Aldy, 2003. "The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," NBER Working Papers 9487, National Bureau of Economic Research, Inc.
- Karen Blumenschein & Magnus Johannesson & Glenn C. Blomquist & Bengt Liljas & Richard M. O’Conor, 1998. "Experimental Results on Expressed Certainty and Hypothetical Bias in Contingent Valuation," Southern Economic Journal, Southern Economic Association, vol. 65(1), pages 169-177, July.
- O'Conor, Richard M. & Blomquist, Glenn C., 1997. "Measurement of consumer-patient preferences using a hybrid contingent valuation method," Journal of Health Economics, Elsevier, vol. 16(6), pages 667-683, December.
- Kip Viscusi, W. & Magat, Wesley A. & Huber, Joel, 1991. "Pricing environmental health risks: survey assessments of risk-risk and risk-dollar trade-offs for chronic bronchitis," Journal of Environmental Economics and Management, Elsevier, vol. 21(1), pages 32-51, July.
- Rachel Baker & Susan Chilton & Michael Jones-Lee & Hugh Metcalf, 2008. "Valuing lives equally: Defensible premise or unwarranted compromise?," Journal of Risk and Uncertainty, Springer, vol. 36(2), pages 125-138, April.
- Ayal Kimhi, 1999. "Estimation of an endogenous switching regression model with discrete dependent variables: Monte-Carlo analysis and empirical application of three estimators," Empirical Economics, Springer, vol. 24(2), pages 225-241.
- Brandt, Sylvia J & Vasquez Lavin, Felipe & Hanemann, W. Michael, 2008.
"Designing contingent valuation scenarios for environmental health: The case of childhood asthma,"
Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series
qt4ht2k0ch, Department of Agricultural & Resource Economics, UC Berkeley.
- Brandt, Sylvia & Vasquez Lavin, Felipe & Hanemann, W. Michael, 2008. "Designing contingent valuation scenarios for environmental health : the case of childhood asthma," CUDARE Working Paper Series 1076, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
- Sylvia Brandt & Felipe Vásquez & Michael Hanemann, 2008. "Designing Contingent Valuation Scenarios for Environmental Health: The Case of Childhood Asthma," Working Papers 11-2008, Departamento de Economía, Universidad de Concepción.
- 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.
- repec:reg:rpubli:282 is not listed on IDEAS
- Dickie, Mark & Messman, Victoria L., 2004. "Parental altruism and the value of avoiding acute illness: are kids worth more than parents?," Journal of Environmental Economics and Management, Elsevier, vol. 48(3), pages 1146-1174, November.
- Robin R. Jenkins & Nicole Owens & Lanelle Bembenek Wiggins, 2001. "Valuing Reduced Risks To Children: The Case Of Bicycle Safety Helmets," Contemporary Economic Policy, Western Economic Association International, vol. 19(4), pages 397-408, October.
- Joseph E. Aldy & W. Kip Viscusi, 2007.
"Age Differences in the Value of Statistical Life: Revealed Preference Evidence,"
Review of Environmental Economics and Policy,
Association of Environmental and Resource Economists, vol. 1(2), pages 241-260, Summer.
- Aldy, Joseph E. & Viscusi, W. Kip, 2007. "Age Differences in the Value of Statistical Life: Revealed Preference Evidence," Discussion Papers dp-07-05, Resources For the Future.
- Jin-Tan Liu & James K. Hammitt & Jung-Der Wang & Jin-Long Liu, 2000. "Mother's willingness to pay for her own and her child's health: a contingent valuation study in Taiwan," Health Economics, John Wiley & Sons, Ltd., vol. 9(4), pages 319-326.
- Alfonso Miranda & Sophia Rabe-Hesketh, 2006. "Maximum likelihood estimation of endogenous switching and sample selection models for binary, ordinal, and count variables," Stata Journal, StataCorp LP, vol. 6(3), pages 285-308, September.
- Janusz R. Mrozek & Laura O. Taylor, 2002. "What determines the value of life? a meta-analysis," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 21(2), pages 253-270.
- Karen Blumenschein & GlennC. Blomquist & Magnus Johannesson & Nancy Horn & Patricia Freeman, 2008. "Eliciting Willingness to Pay Without Bias: Evidence from a Field Experiment," Economic Journal, Royal Economic Society, vol. 118(525), pages 114-137, 01.
- Mark Agee & Thomas Crocker, 2008. "Does parents’ valuation of children’s health mimic their valuation of own health?," Journal of Population Economics, Springer, vol. 21(1), pages 231-249, January.
- Blumenschein, Karen & Johannesson, Magnus & Yokoyama, Krista K. & Freeman, Patricia R., 2001. "Hypothetical versus real willingness to pay in the health care sector: results from a field experiment," Journal of Health Economics, Elsevier, vol. 20(3), pages 441-457, May.
When requesting a correction, please mention this item's handle: RePEc:eee:resene:v:33:y:2011:i:2:p:410-425. See general information about how to correct material in RePEc.
If references are entirely missing, you can add them using this form.