共查询到20条相似文献,搜索用时 31 毫秒
1.
Thomas J. Kniesner W. Kip Viscusi James P. Ziliak 《Journal of Risk and Uncertainty》2014,48(3):187-205
Our research clarifies the conceptual linkages among willingness to pay for additional safety, willingness to accept less safety, and the value of a statistical life (VSL). We present econometric estimates using panel data to analyze the VSL levels associated with job changes that may affect the worker’s exposure to fatal injury risks. Our baseline VSL estimates are $7.7 million and $8.3 million (Y$2001). There is no statistically significant divergence between willingness-to-accept VSL estimates associated with wage increases for greater risks and willingness-to-pay VSL estimates as reflected in wage changes for decreases in risk. Our focal result contrasts with the literature documenting a considerable asymmetry in tradeoff rates for increases and decreases in risk. An important implication for policy is that it is reasonable to use labor market estimates of VSL as a measure of the willingness to pay for additional safety. 相似文献
2.
Anna Alberini Stefania Tonin Margherita Turvani Aline Chiabai 《Journal of Risk and Uncertainty》2007,34(2):155-178
We use conjoint choice questions to investigate the preferences of people in four cities in Italy for income and future/permanent
mortality risk reductions delivered by contaminated site remediation policies. The VSL is €5.6 million for an immediate risk
reduction. If the risk reduction takes place 20 years from now, the implied VSL is €1.26 million. Respondents’ implicit discount
rate is 7%. The VSL depends on respondent characteristics, familiarity with contaminated sites, concern about the health effects
of exposure to toxicants, having a family member with cancer, perceived usefulness of public programs and beliefs about the
goals of government remediation programs.
相似文献
Anna AlberiniEmail: |
3.
Greg B. Davies 《Theory and Decision》2006,61(2):159-190
There exists no completely satisfactory theory of risk attitude in current normative decision theories. Existing notions confound
attitudes to pure risk with unrelated psychological factors such as strength of preference for certain outcomes, and probability
weighting. In addition traditional measures of risk attitude frequently cannot be applied to non-numerical consequences, and
are not psychologically intuitive. I develop Pure Risk theory which resolves these problems – it is consistent with existing
normative theories, and both internalises and generalises the intuitive notion of risk being related to the probability of
not achieving one’s aspirations. Existing models which ignore pure risk attitudes may be misspecified, and effects hitherto
modelled as loss aversion or utility curvature may be due instead to Pure Risk attitudes. 相似文献
4.
We examine heterogeneity of willingness to pay (WTP) to reduce risks of fatal disease and trauma to adults and children. Using
a stated-preference survey fielded to a large, nationally representative internet panel, we find that WTP to reduce fatal-disease
risks (caused by consuming pesticide residues on foods) are similar for several types of cancer and non-cancer diseases and
similar to WTP to reduce motor-vehicle crashes. WTP to reduce risk to one’s child is uniformly larger than to reduce risk
to another adult or to oneself. Estimated values per statistical life are $6–10 million for adults and $6–10 million for adults and 12–15 million for
children. 相似文献
5.
Background Risks and the Value of a Statistical Life 总被引:1,自引:0,他引:1
We examine the effects of background mortality and financial risks on an individual's willingness to pay to reduce his mortality risk (the value of statistical life or VSL). Under reasonable assumptions about risk aversion and prudence with respect to wealth in the event of survival and with respect to bequests in the event of death, background mortality and financial risks decrease VSL. The effects of large mortality or financial risks on VSL can be substantial, but the effects of small background risks are negligible. These results suggest that the commonplace failure to account for background risk in evaluating VSL is unlikely to produce substantial bias in most applications. 相似文献
6.
Risk Perceptions and Value of a Statistical Life for Air Pollution and Traffic Accidents: Evidence from Bangkok,Thailand 总被引:3,自引:0,他引:3
This paper presents results of two contingent valuation surveys conducted in Bangkok measuring individuals’ willingness to pay (WTP) to reduce mortality risk arising from two risk contexts: air pollution traffic accidents Results from the risk perception survey disclose that respondents view the two risks differently. WTP to reduce air pollution risk is influenced by degrees of dread, severity, controllability and personal exposure, while WTP to reduce traffic accident risk is influenced by perceived immediate occurrence. Nevertheless, the value of a statistical life (VSL) for both air pollution and traffic accidents are comparable (US$0.74 to $1.32 million and US$0.87 to $1.48 million, respectively). This indicates that the risk perception factor alone has little impact on the VSL, a finding similar to previous studies using program choice indifferences.JEL Classification: I18, D61, J17, J28 相似文献
7.
It is increasingly recognized that decision making under uncertainty depends not only on probabilities, but also on psychological
factors such as ambiguity and familiarity. Using 325 Beijing subjects, we conduct a neurogenetic study of ambiguity aversion
and familiarity bias in an incentivized laboratory setting. For ambiguity aversion, 49.4% of the subjects choose to bet on
the 50–50 deck despite the unknown deck paying 20% more. For familiarity bias, 39.6% choose the bet on Beijing’s temperature
rather than the corresponding bet with Tokyo even though the latter pays 20% more. We genotype subjects for anxiety-related
candidate genes and find a serotonin transporter polymorphism being associated with familiarity bias, but not ambiguity aversion,
while the dopamine D5 receptor gene and estrogen receptor beta gene are associated with ambiguity aversion only among female
subjects. Our findings contribute to understanding of decision making under uncertainty beyond revealed preference. 相似文献
8.
U.S. labor market estimates of the value of a statistical life (VSL) were the first revealed preference estimates of the VSL in the literature and continue to constitute the majority of such market estimates. The VSL estimates in U.S. studies consequently may have established a reference point for the estimates that researchers analyzing data from other countries are willing to report and that journals are willing to publish. This article presents the first comparison of the publication selection biases in U.S. and international estimates using a sample of 68 VSL studies with over 1000 VSL estimates throughout the world. Publication selection biases vary across the VSL distribution and are greater for the larger VSL estimates. The estimates of publication selection biases distinguish between U.S. and international studies as well as between government and non-government data sources. Empirical estimates that correct for the impact of these biases reduce the VSL estimates, particularly for studies based on international data. This pattern of publication bias effects is consistent with international studies relying on U.S. estimates as an anchor for the levels of reasonable estimates. U.S. estimates based on the Census of Fatal Occupational Injuries constitute the only major set of VSL studies for which there is no evidence of statistically significant publication selection effects. Adjusting a baseline bias-adjusted U.S. VSL estimate of $9.6 million using estimates of the income elasticity of the VSL may be a sounder approach for generating international estimates of the VSL than relying on direct estimates from international studies. 相似文献
9.
Laura Schechter 《Journal of Risk and Uncertainty》2007,35(1):67-76
Rabin (Econometrica 68(5):1281–1292, 2000) argues that, under expected-utility, observed risk aversion over modest stakes implies extremely high risk aversion over
large stakes. Cox and Sadiraj (Games Econom. Behav. 56(1):45–60, 2006) have replied that this is a problem of expected-utility of wealth, but that expected-utility of income does not share that
problem. We combine experimental data on moderate-scale risky choices with survey data on income to estimate coefficients
of relative risk aversion using expected-utility of consumption. Assuming individuals cannot save implies an average coefficient of relative risk aversion of 1.92. Assuming they can decide
between consuming today and saving for the future, a realistic assumption, implies quadruple-digit coefficients. This gives
empirical evidence for narrow bracketing.
相似文献
Laura SchechterEmail: |
10.
We examine differences in the value of statistical life (VSL) across potential wage levels in panel data using quantile regressions
with intercept heterogeneity. Latent heterogeneity is econometrically important and affects the estimated VSL. Our findings
indicate that a reasonable average cost per expected life saved cut-off for health and safety regulations is 7 million to7 million to
8 million per life saved, but the VSL varies considerably across the labor force. Our results reconcile the previous discrepancies
between hedonic VSL estimates and the values implied by theories linked to the coefficient of relative risk aversion. Because the VSL varies elastically with income, regulatory agencies should regularly update the VSL used in benefit assessments,
increasing the VSL proportionally with changes in income over time. 相似文献
11.
It is observed that the measure S
u
= u′′′/u′ − (3/2)(u′′/u′)2, previously shown to be a relevant measure of the degree of downside risk aversion, is known in the mathematics literature
as the Schwarzian derivative. The Schwarzian derivative has invariance properties under composition of functions that make
it particularly well-behaved as a ranking of downside risk aversion. Indeed, it has the same invariance properties as the
measure R
u
= −u′′/u′, familiar to economists as a ranking of utility functions by degree of Arrow-Pratt risk aversion. 相似文献
12.
Joni Hersch 《Journal of Risk and Uncertainty》2018,57(2):111-131
Using data on sexual harassment charges filed with the Equal Employment Opportunity Commission, I calculate the risk of sexual harassment by gender, industry, and age and establish that white females, but not nonwhite females, receive a compensating wage differential for exposure to a higher risk of sexual harassment. I use this risk premium to calculate the value of statistical harassment (VSH) in a manner analogous to the calculation of the value of statistical life (VSL). The VSH is around $7.6 million, about three-quarters of the size of the most-commonly cited levels of the VSL, and far above the maximum damages award for sexual harassment available under federal law. Boosting the maximum damages award to equal the VSH would create the appropriate economic incentives for organizations to deter sexual harassment. 相似文献
13.
Susan Chilton Michael Jones-Lee Francis Kiraly Hugh Metcalf Wei Pang 《Journal of Risk and Uncertainty》2006,33(3):165-182
It is a well-established fact that many people view the prospect of premature death by some causes with considerably more
disquiet or “dread” than death by other causes. It is equally clear that for most people their personal risk of death by a
given cause is also a matter of serious concern. This article reports the findings of a study aimed at estimating the effects
of dread and personal risk of death by a specific cause on the willingness-to-pay based Value of Statistical Life (VSL) for
that cause.
JEL Classification J17 相似文献
14.
A Choice Experiment Approach to the Valuation of Mortality 总被引:4,自引:0,他引:4
This paper presents an integrated framework for evaluating the reduction of several types of mortality risk using a Choice Experiment (CE) approach, a type of stated preference technique. Using this approach, we can distinguish the marginal willingness to pay (MWTP) for the amount of risk reduction from the MWTP for the opportunity of risk reduction and therefore calculate the “Quantity-based” Value of a Statistical Life. The risks in our survey include mortality risks due to accident, cancer, and heart disease. The Quantity-based VSL is calculated to be 350 million JPY (in 2002 Japanese Yen, about 2.9 million US dollars). Furthermore, we analyzed the influence of subjective risk perception and population characteristics of the respondents on their MWTP. Estimated results suggest that it is unnecessary to adjust the VSL according to the differences in the type of risk if the VSL is calculated using an adequate approach. However, adjustments for the timing of risk reduction and population characteristics are found to be significant for the execution of benefit transfer.JEL Classification: I18, D81, J17 相似文献
15.
James O’Brien 《Journal of Risk and Uncertainty》2018,56(1):51-81
The value of a statistical life (VSL) is used to assign a dollar value to the benefits of health and safety regulations. Many of those regulations disproportionately benefit older people, but most estimates of the VSL come from hedonic wage regressions with few older workers and no retirees. Using automobile purchase decisions, I estimate a VSL for individuals from the age of 18 up to the age of 85. Combining information on vehicle holdings and use, household attributes, used vehicle prices, crash test results, and yearly fatal accidents for each make, model, and vintage automobile, I calculate a separate willingness to pay for reduced mortality for different age groups. I find a significant inverted-U shape to the age-VSL function that ranges from $1.5 to $19.2 million (in 2009 dollars). The shape and magnitude of the vehicle-based age-VSL relationship corroborate labor market estimates and extend the age range of revealed preference evidence on the relationship between age and the VSL. 相似文献
16.
A reasonable level of risk aversion with respect to small gambles leads to a high, and absurd, level of risk aversion with
respect to large gambles. This was demonstrated by Rabin (Econometrica 68:1281–1292, 2000) for expected utility theory. Later, Safra and Segal (Econometrica, 2008) extended this result by showing that similar arguments apply to many non-expected utility theories, provided they are Gateaux
differentiable. In this paper we drop the differentiability assumption and by restricting attention to betweenness theories
we show that much weaker conditions are sufficient for the derivation of similar calibration results.
相似文献
Uzi Segal (Corresponding author)Email: |
17.
On Loss Aversion in Bimatrix Games 总被引:1,自引:0,他引:1
In this article three different types of loss aversion equilibria in bimatrix games are studied. Loss aversion equilibria
are Nash equilibria of games where players are loss averse and where the reference points—points below which they consider
payoffs to be losses—are endogenous to the equilibrium calculation. The first type is the fixed point loss aversion equilibrium,
introduced in Shalev (2000; Int. J. Game Theory 29(2):269) under the name of ‘myopic loss aversion equilibrium.’ There, the
players’ reference points depend on the beliefs about their opponents’ strategies. The second type, the maximin loss aversion
equilibrium, differs from the fixed point loss aversion equilibrium in that the reference points are only based on the carriers of the strategies, not on the exact probabilities. In the third type, the safety level loss aversion equilibrium, the reference
points depend on the values of the own payoff matrices. Finally, a comparative statics analysis is carried out of all three
equilibrium concepts in 2 × 2 bimatrix games. It is established when a player benefits from his opponent falsely believing
that he is loss averse. 相似文献
18.
Wändi Bruine de Bruin Andrew M. Parker Jürgen Maurer 《Journal of Risk and Uncertainty》2011,42(2):145-159
Feelings of invulnerability, seen in judgments of 0% risk, can reflect misunderstandings of risk and risk behaviors, suggesting
increased need for risk communication. However, judgments of 0% risk may be given by individuals who feel invulnerable, and
by individuals who are rounding from small non-zero probabilities. We examined the effect of allowing participants to give
more precise responses in the 0–1% range on the validity of reported probability judgments. Participants assessed probabilities
for getting H1N1 influenza and dying from it conditional on infection, using a 0–100% visual linear scale. Those responding
in the 0–1% range received a follow-up question with more options in that range. This two-step procedure reduced the use of
0% and increased the resolution of responses in the 0–1% range. Moreover, revised probability responses improved predictions
of attitudes and self-reported behaviors. Hence, our two-step procedure allows for more precise and more valid measurement
of perceived invulnerability. 相似文献
19.
Rachel Baker Susan Chilton Michael Jones-Lee Hugh Metcalf 《Journal of Risk and Uncertainty》2008,36(2):125-138
This article examines the nature of the restrictions on the underlying social welfare function that would appear to be required
in order to justify the application of a “common” Value of Statistical Life (VSL) for any particular hazard within a given
society and considers the way in which the magnitude of this common VSL might relate to the values actually employed in practice.
The article also considers the question of whether, by contrast, discounts or premia might legitimately be applied to the
VSL in order to take account of factors such as age or current exposure to risk and explores the form that such discounts
or premia might reasonably take.
相似文献
Hugh MetcalfEmail: |
20.
There are concerns regarding uncertainty about the accuracy of applying available empirical willingness-to-pay (WTP) estimates for reducing accidental deaths to value changes in risks of pollution-related deaths. In this study, we develop a theoretical model on defining WTP, and its determinants, and derive WTP estimates for changes in pollution-related mortality risks with varying morbidity and timing attributes. A survey is designed and conducted with 100 subjects. Each subject was to complete five choice sets and provided a range of implicit values of statistical life (VSL). The choices are estimated using the logit procedure. And, using the results of estimated multinomial logit model, the VSL is estimated to about $6.2 million. 相似文献