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Imprecise preferences and the WTP-WTA disparity |
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| Authors: | W R Dubourg M W Jones-Lee Graham Loomes |
| Institution: | 1. Centre for Social and Economic Research on the Global Environment (CSERGE), University College London, UK 2. Centre for Social and Economic Research on the Global Environment (CSERGE), University of East Anglia, UK 3. Department of Economics, University of Newcastle Upon Tyne, UK 4. Department of Economics and Related Studies, and Centre for Experimental Economics, University of York, USA |
| Abstract: | This article reports the results of a study designed to elicit willingness to pay (WTP) and willingness to accept (WTA) values for changes in the risk of nonfatal road injuries. We examine the possibility that individuals' preferences over combinations of wealth, risk, and safety are imprecise, and that this imprecision might result in the observed disparity between WTP and WTA measures of value. The results confirm that individuals' preferences for safety are significantly imprecise, but that this alone is insufficient to explain more than part of the disparity. Indeed, respondents' estimates of the minimum that they would be prepared to accept for a risk increase frequently exceed the maximum that they would be prepared to pay for an equivalent risk reduction. |
| Keywords: | safety contingent valuation imprecise preferences reference points |
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