The marginal value of job safety: A contingent valuation study

Gerking, Shelby D.; Haan, Menno de; Schulze, William D.

doi:10.1007/bf00056167

Cited by 124 publications

(57 citation statements)

References 19 publications

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“…These conclusions are consistent with Viscusi and O'Connor (1984), as well as Gerking, deHaan and Schulze (1988) who …nd that workers have slightly more accurate evaluations of the risks related to their own job.…”

Section: Resultssupporting

confidence: 90%

Estimates of Own Lethal Risks and Anchoring Effects

Armantier

2006

J Risk Uncertainty

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The paper reports on an experiment testing whether agents perceive correctly the lethal risks they face personally. The results suggest that subjects exhibit comparable biases when making predictions for their own-age-cohort, or for the entire population (i.e. agents overestimate rare risks, and underestimate common risks). The hypothesis that agents have better knowledge of their own risks, however, cannot be dismissed entirely, as responses in the own-age-cohort survey are more homogenous and better ordered. Finally, it is shown that administering surveys in succession can generate anchoring effects, which may explain why our conclusions differ markedly from a previous study. Copyright Springer Science + Business Media, Inc. 2006Risks perception, Health and safety hazard, Anchoring, Rational expectation,

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Section: Resultssupporting

confidence: 90%

Estimates of Own Lethal Risks and Anchoring Effects

Armantier

2006

J Risk Uncertainty

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“…As expected, WTP may vary with individual characteristics such as income (Gerking et al, 1988;Flores and Carson, 1997;Bloom and Sevilla, 2004;Alberini et al, 2006) and age (Shepard and Zeckhauser, 1984;Jones-Lee et al, 1985;Cropper and Sussman, 1990;Krupnick, et al, 2002;Hersch and Viscusi, 2005). There is also some limited evidence about the effect of health status on WTP Alberini et al, 2004;Smith, 2004;Jones-Lee and Loomes, 2004;Alberini and Chiabai, 2005) etc.…”

Section: Individual Characteristicsmentioning

confidence: 85%

“…Others evaluate WTP to reduce the risk of dying on the job (Gerking et al, 1988;Gegax et al 1991), or to reduce risk of dying from a domestic fire (Savage, 1993;Rowlatt et al, 1998), or from gun violence (Ludwig and Cook, 2001. Finally, other examples include specific risks from fatal/chronic diseases; for example, WTP to reduce trihalomethanes in public drinking water systems that will reduce chances of death due to cancer (Carson & Mitchell, 2006), WTP for the reduction in risk of dying from air pollution related diseases (Hammitt and Liu, 2004;Chilton et al, 2004), from pneumonia (Morris and Hammit, 2001), cardiovascular diseases (Alberini and Chiabai, 2005), skin cancer due to exposure to UV rays (Dickie and Gerking, 1996;Bateman and Brouwer, 2005), radiation induced cancers (Ami and Leblanc, 2000).…”

Section: Contingent Valuation Methods (Cvm)mentioning

confidence: 99%

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The value of mortality risk reductions in Delhi, India

2007

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Road accidents kill nearly 1.2 million people each year worldwide, two-thirds of whom live in developing countries. Traffic crashes may indeed become the third leading cause of death in developing countries by the year 2020 (Murray and Lopez, 1996). For governments in developing countries to make informed decisions about investments in traffic safety, it is imperative that the benefits of road traffic improvements be monetized and compared with costs. This, however, requires estimates of the value of reductions in risk of death.The goal of the dissertation is to provide estimates of the value of mortality risk reductions in a traffic safety context in Delhi, India. To estimate the value of road safety improvements in Delhi requires understanding the nature of developing country traffic risks. Methods of valuing traffic fatalities used in high-income countries based on seatbelt use or purchase of safer cars are not applicable here.In my survey I asked 1200 commuters what they would pay to reduce their own risk of dying as a (a) pedestrian, (b) driver of a two-wheeler, and (c) commuter, regardless of travel mode. These scenarios mirror the bulk of fatal accidents in Delhi. I find that mean WTP for mortality risk reduction increases with the size of risk reduction, as predicted by economic theory.WTP for a given risk change increases with income and education. The estimation results broadly confirm the Bayesian updating assumption, in that WTP increases with baseline exposure to risk, measured by commute time, whether the respondent travels as part of his job and whether he drives a two-wheeler. Mean WTP is three times larger for a respondent who drives a two-wheeler and travels on the job than for one who does not.The results of my survey indicate that the VSL is individuated, i.e., it varies across groups of potential beneficiaries of traffic safety programs (two-wheeler drivers, persons with bachelors degree, etc.). For the most highly exposed individuals-the VSL is about $150,000 (PPP, 2005

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“…In this section, we consider the situation where respondents are asked to assess their subjective baseline risks (Gerking et al, 1988;Johannesson et al, 1991;18 Persson et al, 2001). If the risk reduction is expressed as a specified proportion of the baseline risk (e.g., 20%), then the risk reduction varies across respondents, allowing one to test for sensitivity of WTP with respect to the size of the risk reduction-the so-called "scope"…”

Section: A Subjective Risks and Risk Reductionsmentioning

confidence: 99%

Robustness of VSL Values from Contingent Valuation Surveys

Alberini

2004

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in Robustness of VSL Values from Contingent Valuation Surveys SummaryThis paper examines factors that may influence the estimates of the Value of a Statistical Life obtained from contingent valuation surveys that elicit the willingness to pay (WTP) for mortality risk reductions. We examine the importance of distributional assumptions, the choice of the welfare statistics of interest, the procedure for computing them, outliers, undesirable response effects, and internal validity of the WTP responses. We illustrate the importance of these factors using dichotomous-choice and open-ended WTP data from four recent contingent valuation surveys.

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The marginal value of job safety: A contingent valuation study

Cited by 124 publications

References 19 publications

Estimates of Own Lethal Risks and Anchoring Effects

Estimates of Own Lethal Risks and Anchoring Effects

The value of mortality risk reductions in Delhi, India

Robustness of VSL Values from Contingent Valuation Surveys

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