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Erratum to: Willingness to Pay and Sensitivity to Time Framing: A Theoretical Analysis and an Application on Car Safety

Author

Listed:
  • Henrik Andersson

  • James Hammitt
  • Gunnar Lindberg
  • Kristian Sundström

Abstract

Stated preference (SP) surveys attempt to obtain monetary values for non-market goods that reflect individuals’ “true” preferences. Numerous empirical studies suggest that monetary values from SP studies are sensitive to survey design and so may not reflect respondents’ true preferences. This study examines the effect of time framing on respondents’ willingness to pay (WTP) for car safety. We explore how WTP per unit risk reduction depends on the time period over which respondents pay and face reduced risk in a theoretical model and by using data from a Swedish contingent valuation survey. Our theoretical model predicts the effect to be nontrivial in many scenarios used in empirical applications. In our empirical analysis we examine the sensitivity of WTP to an annual and a monthly scenario. Our theoretical model predicts the effect from the time framing to be negligible, but the empirical estimates from the annual scenario are about 70 % higher than estimates from the monthly scenario. Copyright Springer Science+Business Media Dordrecht 2013
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Suggested Citation

  • Henrik Andersson & James Hammitt & Gunnar Lindberg & Kristian Sundström, 2013. "Erratum to: Willingness to Pay and Sensitivity to Time Framing: A Theoretical Analysis and an Application on Car Safety," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 56(3), pages 457-457, November.
    • Handle: RePEc:kap:enreec:v:56:y:2013:i:3:p:457-457
    DOI: 10.1007/s10640-013-9733-0
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    Cited by:

    1. Andersson, Henrik & Hole, Arne Risa & Svensson, Mikael, 2016. "Valuation of small and multiple health risks: A critical analysis of SP data applied to food and water safety," Journal of Environmental Economics and Management, Elsevier, vol. 75(C), pages 41-53.
    2. Pierre-Alexandre Mahieu & Romain Craste & Bengt Kriström & Pere Riera, 2014. "Non-market valuation in France: An overview of the research activity," Working Papers hal-01087365, HAL.
    3. Carrasco-Garcés, Moisés & Vásquez-Lavín, Felipe & Ponce Oliva, Roberto D. & Diaz Pincheira, Francisco & Barrientos, Manuel, 2021. "Estimating the implicit discount rate for new technology adoption of wood-burning stoves," Energy Policy, Elsevier, vol. 156(C).
    4. Gregory Ponthiere, 2016. "The contribution of improved joint survival conditions to living standards: an equivalent consumption approach," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 46(2), pages 407-449, February.
    5. Ioanna Grammatikopoulou & Janne Artell & Turo Hjerppe & Eija Pouta, 2020. "A Mire of Discount Rates: Delaying Conservation Payment Schedules in a Choice Experiment," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 77(3), pages 615-639, November.
    6. Salazar-Baño, Alfredo-Geovanny & Chas-Amil, María-Luisa & Soliño, Mario, 2024. "The invisible risks of the trans-Ecuadorian oil pipeline system: An analysis of social preferences in Quito," Resources Policy, Elsevier, vol. 94(C).
    7. George Parsons & Kelley Myers, 2017. "Fat tails and truncated bids in contingent valuation: an application to an endangered shorebird species," Chapters, in: Daniel McFadden & Kenneth Train (ed.), Contingent Valuation of Environmental Goods, chapter 2, pages 17-42, Edward Elgar Publishing.
    8. Vásquez-Lavín, Felipe & Carrasco, Moisés & Barrientos, Manuel & Gelcich, Stefan & Ponce Oliva, Roberto D., 2021. "Estimating discount rates for environmental goods: Are People’s responses inadequate to frequency of payments?," Journal of Environmental Economics and Management, Elsevier, vol. 107(C).
    9. Andersson Järnberg, Linda & Andrén, Daniela & Hultkrantz, Lars & Rutström, E.Elisabet & Vimefall, Elin, 2021. "Willingness to pay for private and public improvements of vulnerable road users’ safety," Working Papers 2021:11, Örebro University, School of Business.
    10. Cerdá, Emilio & López-Otero, Xiral & Quiroga, Sonia & Soliño, Mario, 2026. "R&D programs for wave energy in Spain: A contingent valuation application with multiple bounded uncertainty," Renewable Energy, Elsevier, vol. 257(C).
    11. Papenfus, Michael & Weber, Matt A., 2025. "Valuing wild salmon and steelhead recovery in Oregon’s most urbanized watershed," Ecological Economics, Elsevier, vol. 236(C).
    12. Henrik Andersson & James K. Hammitt & Kristian Sundström, 2015. "Willingness to Pay and QALYs: What Can We Learn about Valuing Foodborne Risk?," Journal of Agricultural Economics, Wiley Blackwell, vol. 66(3), pages 727-752, September.
    13. Mahasuweerachai, Phumsith & Pangjai, Siwarut, 2016. "Scope Insensitivity in Child's Health Risk Reduction: A Comparison of Damage Schedule and Choice Experiment Methods," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235577, Agricultural and Applied Economics Association.

    More about this item

    JEL classification:

    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • D6 - Microeconomics - - Welfare Economics
    • I1 - Health, Education, and Welfare - - Health
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General

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