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Valuation of the risk of SARS in Taiwan

Author Info

  • Jin-Tan Liu

    (Department of Economics, National Taiwan University, Taiwan, and NBER)

  • James K. Hammitt

    (School of Public Health, Harvard University, Boston, Massachusetts, USA)

  • Jung-Der Wang

    (School of Public Health, National Taiwan University, Taiwan)

  • Meng-Wen Tsou

    (Department of International Trade, Tamkang University, Taiwan)

Abstract

Two surveys conducted in Taiwan during the spring 2003 severe acute respiratory syndrome (SARS) epidemic reveal a high degree of concern about the threat posed by SARS to Taiwan and its residents, although respondents believe they are knowledgeable about the risk of SARS and that it is susceptible to individual control. Willingness to pay (WTP) to reduce the risk of infection and death from SARS is elicited using contingent valuation methods. Estimated WTP is high, implying values per statistical life of US$3 to 12 million. While consistent with estimates for high-income countries, these values are substantially larger than previous estimates for Taiwan and may be attributable to the high degree of concern about SARS at the time the data were collected. Copyright © 2004 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/hec.911
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Article provided by John Wiley & Sons, Ltd. in its journal Health Economics.

Volume (Year): 14 (2005)
Issue (Month): 1 ()
Pages: 83-91

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Handle: RePEc:wly:hlthec:v:14:y:2005:i:1:p:83-91
Contact details of provider: Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/5749

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Find related papers by JEL classification:
  • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
  • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis

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  1. James Hammitt & Jin-Tan Liu, 2004. "Effects of Disease Type and Latency on the Value of Mortality Risk," Journal of Risk and Uncertainty, Springer, vol. 28(1), pages 73-95, January.
  2. Whynes, David K. & Frew, Emma & Wolstenholme, Jane L., 2003. "A comparison of two methods for eliciting contingent valuations of colorectal cancer screening," Journal of Health Economics, Elsevier, vol. 22(4), pages 555-574, July.
  3. Liu, Jin-Tan & Hammitt, James K. & Liu, Jin-Long, 1997. "Estimated hedonic wage function and value of life in a developing country," Economics Letters, Elsevier, vol. 57(3), pages 353-358, December.
  4. Thomas C. Brown & Patricia A. Champ & Richard C. Bishop & Daniel W. McCollum, 1996. "Which Response Format Reveals the Truth about Donations to a Public Good?," Land Economics, University of Wisconsin Press, vol. 72(2), pages 152-166.
  5. Hammitt, James K. & Liu, Jin-Tan & Liu, Jin-Long, 2001. "Contingent valuation of a Taiwanese wetland," Environment and Development Economics, Cambridge University Press, vol. 6(02), pages 259-268, May.
  6. 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.
  7. Corso, Phaedra S & Hammitt, James K & Graham, John D, 2001. "Valuing Mortality-Risk Reduction: Using Visual Aids to Improve the Validity of Contingent Valuation," Journal of Risk and Uncertainty, Springer, vol. 23(2), pages 165-84, September.
  8. repec:reg:rpubli:282 is not listed on IDEAS
  9. 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.
  10. Tsu-Tan Fu & Jin-Tan Liu & James K. Hammitt, 1999. "Consumer Willingness to Pay for Low-Pesticide Fresh Produce in Taiwan," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(2), pages 220-233.
  11. Jin-Tan Liu & James K Hammitt, 1999. "Perceived risk and value of workplace safety in a developing country," Journal of Risk Research, Taylor & Francis Journals, vol. 2(3), pages 263-275, July.
  12. Michael Hanemann & John Loomis & Barbara Kanninen, 1991. "Statistical Efficiency of Double-Bounded Dichotomous Choice Contingent Valuation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(4), pages 1255-1263.
  13. Wesley A. Magat & W. Kip Viscusi & Joel Huber, 1996. "A Reference Lottery Metric for Valuing Health," Management Science, INFORMS, vol. 42(8), pages 1118-1130, August.
  14. Alberini Anna, 1995. "Efficiency vs Bias of Willingness-to-Pay Estimates: Bivariate and Interval-Data Models," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 169-180, September.
  15. Ryan, Mandy & Scott, David A. & Donaldson, Cam, 2004. "Valuing health care using willingness to pay: a comparison of the payment card and dichotomous choice methods," Journal of Health Economics, Elsevier, vol. 23(2), pages 237-258, March.
  16. 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.
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Cited by:

  1. Tianviwat, Sukanya & Chongsuvivatwong, Virasakdi & Birch, Stephen, 2008. "Prevention versus cure: Measuring parental preferences for sealants and fillings as treatments for childhood caries in Southern Thailand," Health Policy, Elsevier, vol. 86(1), pages 64-71, April.
  2. Xiaoqi Guo & James Hammitt, 2009. "Compensating Wage Differentials with Unemployment: Evidence from China," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 42(2), pages 187-209, February.
  3. Grace Wong, 2004. "Has SARS Infected the Property Market? Evidence from Hong Kong," Working Papers 11, Princeton University, Department of Economics, Industrial Relations Section..
  4. Brahmbhatt, Milan & Dutta, Arindam, 2008. "On SARS type economic effects during infectious disease outbreaks," Policy Research Working Paper Series 4466, The World Bank.
  5. Liu, Jin-Tan & Tsou, Meng-Wen & Hammitt, James K., 2009. "Willingness to pay for weight-control treatment," Health Policy, Elsevier, vol. 91(2), pages 211-218, July.
  6. Andrea Leiter, 2011. "Age effects in monetary valuation of reduced mortality risks: the relevance of age-specific hazard rates," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 12(4), pages 331-344, August.
  7. Gibson, John & Barns, Sandra & Cameron, Michael & Lim, Steven & Scrimgeour, Frank & Tressler, John, 2007. "The Value of Statistical Life and the Economics of Landmine Clearance in Developing Countries," World Development, Elsevier, vol. 35(3), pages 512-531, March.
  8. Andrea M. Leiter & Gerald J. Pruckner, 2005. "Dying in an Avalanche: Current risks and Valuation," Game Theory and Information 0511009, EconWPA.
  9. Liao, Shu-Yi & Tseng, Wei-Chun & Chen, Chi-Chung, 2010. "Eliciting public preference for nuclear energy against the backdrop of global warming," Energy Policy, Elsevier, vol. 38(11), pages 7054-7069, November.

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