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

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  • Dorte Gyrd-Hansen

    (Institute of Public Health, University of Southern Denmark, Denmark)

  • 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.
  • Handle: RePEc:wly:hlthec:v:17:y:2008:i:1:p:55-66
    DOI: 10.1002/hec.1236
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    File URL: http://hdl.handle.net/10.1002/hec.1236
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    References listed on IDEAS

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    1. Han Bleichrodt & Louis Eeckhoudt, 2006. "Willingness to pay for reductions in health risks when probabilities are distorted," Health Economics, John Wiley & Sons, Ltd., vol. 15(2), pages 211-214.
    2. 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.
    3. Zeckhauser, Richard J, 1996. "The Economics of Catastrophes," Journal of Risk and Uncertainty, Springer, vol. 12(2-3), pages 113-140, May.
    4. Sunstein, Cass R, 1997. "Bad Deaths," Journal of Risk and Uncertainty, Springer, vol. 14(3), pages 259-282, May-June.
    5. W. Kip Viscusi, 1990. "Social Insurance for Work and Product Injuries*," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 15(2), pages 115-139, September.
    6. repec:reg:rpubli:282 is not listed on IDEAS
    7. Bateman, Ian J. & Brouwer, Roy, 2006. "Consistency and construction in stated WTP for health risk reductions: A novel scope-sensitivity test," Resource and Energy Economics, Elsevier, vol. 28(3), pages 199-214, August.
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    Cited by:

    1. Joseph H. Cook, 2013. "Principles and standards for benefit–cost analysis of public health preparedness and pandemic mitigation programs," Chapters,in: Principles and Standards for Benefit–Cost Analysis, chapter 3, pages 110-152 Edward Elgar Publishing.

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