The influencing factors of the WTP for the risk reduction of chemical industry accidents in China

Huang, Lei; Shao, Zhijuan; Bao, Weiliang; Duan, Bailing; Bi, Jun; Yuan, Zengwei

doi:10.1007/s11783-012-0467-y

Cited by 6 publications

(3 citation statements)

References 32 publications

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“…Liu et al [31] appraised the economic benefits related to improving the air quality affecting the working environment of factory workers through CV. Huang et al [32] and Khan and Damalas [33] estimated the WTP for reducing chemical industry accidents risk and reduction of pesticide health risk, respectively, using CV. Table 1 presents a summary of main findings from some previous related studies applying CV.…”

Section: Determination Of the Evaluation Methodsmentioning

confidence: 99%

Evaluating the Economic Benefits of Tightening Regulations on the Use of Toluene, a Hazardous Chemical, in South Korea

et al. 2022

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The South Korean government currently designates toluene as a hazardous chemical, only limiting its use in products that are feared to be harmful. Since no measures to prohibit the use of toluene have been implemented, toluene is frequently detected in amounts that exceed the limit. Accordingly, the Government is considering implementing a plan to tighten the current regulations related to the use of toluene to prevent the occurrence of diseases caused by exposure and addiction to it. Therefore, the most important objective of this research is to evaluate quantitatively the economic benefits arising from the implementation of the plan in South Korea. To achieve the purpose of this paper, contingent valuation, an economic technique for analyzing data collected from a survey of people based on economic theory, is applied. For this purpose, a survey of 1000 people nationwide is conducted, and an analysis model that is well received in the literature is adopted. In other words, the annual willingness to pay (WTP) per household to strengthen the regulations to reduce the human health risks of toluene is evaluated to calculate its economic benefits. All the estimated WTP models secure statistical significance. The average WTP per household per annum is derived as KRW 3394 (USD 3.02). Considering that the country contained 20,573,060 households in 2021, the national economic benefits are calculated as KRW 69.82 billion (USD 62.23 million) every year. It is difficult to estimate accurately the costs incurred by tightening the regulations on toluene use, but they do not seem to exceed the benefits. Because tightening the regulations would be socially desirable, the Government would be justified in making this decision.

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Section: Determination Of the Evaluation Methodsmentioning

confidence: 99%

Evaluating the Economic Benefits of Tightening Regulations on the Use of Toluene, a Hazardous Chemical, in South Korea

et al. 2022

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“…The Tobit model, combined with linear regression with a probit analysis, was used to reduce the biases of the classical linear regression analysis and to evaluate the factors influencing HHW generation. The Tobit model described by Tobin (1958) has been widely used as a regression model for left-censored data assuming a normally distributed error term (Huang et al, 2012;Wang et al, 2014). The standard Tobit model is defined as:…”

Section: Model Specificationmentioning

confidence: 99%

Household hazardous waste quantification, characterization and management in China’s cities: A case study of Suzhou

Zhu

Wang

et al. 2014

Waste Management

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“…These risk perception factors have also been researched outside the nuclear field. It was found that a group of factors including benefit, public exposure, and dread, called the effect of risk, was the dominant factor analyzed by the contingent valuation method (CVM) and psychometric paradigm methods [17]. Furthermore, previous research showed that risk perception affects people's WTP [18]; however, the specific factors of risk perception that can affect WTP and their relationship have not been discussed.…”

Section: Introductionmentioning

confidence: 99%

Analysis of the Relationship between Risk Perception and Willingness to Pay for Nuclear Power Plant Risk Reduction

Yun

Kang

2016

Science and Technology of Nuclear Installations

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With the adoption of new technologies, more risk is introduced into modern society. Important decisions about new technologies tend to be made by specialists, which can lead to a mismatch of risk perception between citizens and specialists, resulting in high social cost. Using contingent valuation methods, this paper analyzes the relationship between willingness to pay (WTP) and the factors expressed through people’s image of nuclear power plants (NPP), their perception of NPP safety, and how these can be affected by their scientific background level. Results indicate that groups with a high scientific background level tend to have low risk perception level, represented through their image and safety levels. Further, the results show that mean WTP is dependent on scientific background and image levels. It is believed that these results could help decision makers address the mismatch of trust between the public and specialists in terms of new policy.

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The influencing factors of the WTP for the risk reduction of chemical industry accidents in China

Cited by 6 publications

References 32 publications

Evaluating the Economic Benefits of Tightening Regulations on the Use of Toluene, a Hazardous Chemical, in South Korea

Evaluating the Economic Benefits of Tightening Regulations on the Use of Toluene, a Hazardous Chemical, in South Korea

Household hazardous waste quantification, characterization and management in China’s cities: A case study of Suzhou

Analysis of the Relationship between Risk Perception and Willingness to Pay for Nuclear Power Plant Risk Reduction

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