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Contingent Valuation of Mortality Risk Reduction in Developing Countries: A Mission Impossible?

  • Minhaj Mahmud

    ()

    (Keele University, Centre for Economic Research and School of Economic and Management Studies)

We examine the effect of training the respondents regarding probabilities and risk reductions, in addition to using visual aids to communicate risk and risk reductions, in a contingent valuation survey of mortality risk reduction in Bangladesh. We elicit individuals’ risk perception and find that people on average overestimate the mortality risk at younger ages and underestimate it at older ages. Our results indicate a significantly higher WTP for the trained sub-sample, and WTP is sensitive to the magnitude of risk reduction both with and without the training.

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File URL: http://www.keele.ac.uk/depts/ec/wpapers/kerp0601.pdf
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Paper provided by Centre for Economic Research, Keele University in its series Keele Economics Research Papers with number KERP 2006/01.

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Length: 23 pages
Date of creation: Jan 2006
Date of revision:
Handle: RePEc:kee:kerpuk:2006/01
Note: An earlier version of this paper is available as Working Paper No 169, Department of Economics, Göteborg University, 2005.
Contact details of provider: Postal: Department of Economics, University of Keele, Keele, Staffordshire, ST5 5BG - United Kingdom
Phone: +44 (0)1782 584581
Fax: +44 (0)1782 717577
Web page: http://www.keele.ac.uk/depts/ec/cer/
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Order Information: Postal: Centre for Economic Research, Research Institute for Public Policy and Management, Keele University, Staffordshire ST5 5BG - United Kingdom
Web: http://www.keele.ac.uk/depts/ec/cer/pubs_kerps.htm Email:


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  1. 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.
  2. W. Kip Viscusi & Joseph E. Aldy, 2003. "The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," NBER Working Papers 9487, National Bureau of Economic Research, Inc.
  3. Carlsson, Fredrik & Johansson-Stenman, Olof & Martinsson, Peter, 2002. "Is Transport Safety More Valuable in the Air?," Working Papers in Economics 84, University of Gothenburg, Department of Economics.
  4. Viscusi, W Kip, 1989. " Prospective Reference Theory: Toward an Explanation of the Paradoxes," Journal of Risk and Uncertainty, Springer, vol. 2(3), pages 235-63, September.
  5. repec:reg:rpubli:282 is not listed on IDEAS
  6. Anna Alberini, 2005. "Robustness of VSL Values from Contingent Valuation Surveys," NCEE Working Paper Series 200501, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Jan 2005.
  7. Weinstein, Milton C & Shepard, Donald S & Pliskin, Joseph S, 1980. "The Economic Value of Changing Mortality Probabilities: A Decision-Theoretic Approach," The Quarterly Journal of Economics, MIT Press, vol. 94(2), pages 373-96, March.
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