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Willingness‐to‐pay for a statistical life in the times of a pandemic

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  • Dorte Gyrd‐Hansen
  • Peder Andreas Halvorsen
  • Ivar Sønbø Kristiansen

Abstract

A contingent valuation was performed based on cross‐sectional web‐based interviews of individuals aged 16–82 years of age presenting a scenario of influenza pandemic. The mean WTP for a course of Tamiflu was NOK 1034 (median NOK 250). Anxious individuals perceived the pandemic mortality risk to be higher than others, but also perceived the benefit of Tamiflu as greater. They also expressed a higher WTP for Tamiflu, but the implied VOSL was less than for other respondents. The results suggest that fear and anxiety distort decision making under uncertainty and decrease focus on the perceived risk reduction. Copyright © 2007 John Wiley & Sons, Ltd.

Suggested Citation

  • Dorte Gyrd‐Hansen & Peder Andreas Halvorsen & Ivar Sønbø Kristiansen, 2008. "Willingness‐to‐pay for a statistical life in the times of a pandemic," Health Economics, John Wiley & Sons, Ltd., vol. 17(1), pages 55-66, January.
    • Handle: RePEc:wly:hlthec:v:17:y:2008:i:1:p:55-66
    DOI: 10.1002/hec.1236
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    References listed on IDEAS

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    1. > Economics of Welfare > Health Economics > Economics of Pandemics

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    Cited by:

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    2. James K. Hammitt, 2020. "Valuing mortality risk in the time of COVID-19," Journal of Risk and Uncertainty, Springer, vol. 61(2), pages 129-154, October.
    3. Patrick Carlin & Brian E. Dixon & Kosali I. Simon & Ryan Sullivan & Coady Wing, 2022. "How Undervalued is the Covid-19 Vaccine? Evidence from Discrete Choice Experiments and VSL Benchmarks," NBER Working Papers 30118, National Bureau of Economic Research, Inc.
    4. Cong Gian & Sumedha Gupta & Kosali Simon & Ryan Sullivan & Coady Wing, 2024. "Do workers undervalue COVID-19 risk? Evidence from wages and death certificate data," Journal of Risk and Uncertainty, Springer, vol. 69(3), pages 281-321, December.
    5. Joseph H. Cook, 2013. "Principles and standards for benefit–cost analysis of public health preparedness and pandemic mitigation programs," Chapters, in: Scott O. Farrow & Richard Zerbe, Jr. (ed.), Principles and Standards for Benefit–Cost Analysis, chapter 3, pages 110-152, Edward Elgar Publishing.
    6. Henrik Lindhjem & Ståle Navrud & Nils Axel Braathen & Vincent Biausque, 2011. "Valuing Mortality Risk Reductions from Environmental, Transport, and Health Policies: A Global Meta‐Analysis of Stated Preference Studies," Risk Analysis, John Wiley & Sons, vol. 31(9), pages 1381-1407, September.
    7. repec:plo:pone00:0242764 is not listed on IDEAS
    8. Reiner Eichenberger & Rainer Hegselmann & David A. Savage & David Stadelmann & Benno Torgler, 2020. "Certified Coronavirus Immunity as a Resource and Strategy to Cope with Pandemic Costs," Kyklos, Wiley Blackwell, vol. 73(3), pages 464-474, August.
    9. Nguyen Duc Kien & Nguyen H. D. My & Dang Thi Anh Thu & Ton That Canh Tri & Nghiem Hong Son & Thai Khanh Phong & Hoang Cong Tin & Nguyen Hoang Lan & Tran Binh Thang & Bui Dung The & Phung Tri Dung, 2023. "Valuation of a Heatwave Early Warning System for Mitigating Risks Associated with Heat-Related Illness in Central Vietnam," Sustainability, MDPI, vol. 15(21), pages 1-21, October.

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