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Revealing Preferences for Reductions of Public Risks: An Application of the CV Approach

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  • Anselm Romer
  • Werner Pommerehne
  • Lars Feld

Abstract

In this paper the contingent valuation method (CVM) is applied to public risk reduction. Theory suggests that the size of the stated willingness to pay (WTP) for risk reduction depends on private activities aimed at reducing the risk level for the individual. The empirical results suggest that considering private averting activities increases the explanatory power of the estimated WTP function significantly. Thus, WTP passes the scope test which proposes that larger reductions from a larger baseline risk should be valued higher than lower risk reductions from a lower baseline risk. Furthermore, we demonstrate that the follow-up response format induces anchoring effects.

Suggested Citation

  • Anselm Romer & Werner Pommerehne & Lars Feld, 1998. "Revealing Preferences for Reductions of Public Risks: An Application of the CV Approach," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 41(4), pages 477-503.
    • Handle: RePEc:taf:jenpmg:v:41:y:1998:i:4:p:477-503
    DOI: 10.1080/09640569811551
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    Cited by:

    1. Denise L. Stanley, 2005. "Local Perception of Public Goods: Recent Assessments of Willingness‐to‐pay for Endangered Species," Contemporary Economic Policy, Western Economic Association International, vol. 23(2), pages 165-179, April.
    2. Desvousges, William & Mathews, Kristy & Train, Kenneth, 2012. "Adequate responsiveness to scope in contingent valuation," Ecological Economics, Elsevier, vol. 84(C), pages 121-128.

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