Valuing fatal risks to children and adults: Effects of disease,latency, and risk aversion |
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Authors: | James K Hammitt Kevin Haninger |
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Institution: | (1) Center for Risk Analysis, Harvard University, 718 Huntington Ave., Boston, MA 02115, USA;(2) AAAS Science & Technology Policy Fellow, U.S. Environmental Protection Agency, Washington, DC, USA |
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Abstract: | 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. |
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Keywords: | |
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