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The Impact of Real Options on Willingness to Pay for Mortality Risk Reductions
Department of Economics, Swedish Business School, Örebro University, Sweden.
Karlstads universitet, Fakulteten för ekonomi, kommunikation och IT, Avdelningen för nationalekonomi och statistik.ORCID-id: 0000-0003-1113-7478
2009 (engelsk)Inngår i: Journal of Health Economics, ISSN 0167-6296, E-ISSN 1879-1646, Vol. 28, nr 3, s. 563-569Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

Public investments are dynamic in nature, and decision making must account for the uncertainty, irreversibility and potential for future learning. In this paper we adapt the theory for investment under uncertainty for a public referendum setting and perform the first empirical test to show that estimates of the value of a statistical life (VSL) from stated preference surveys are highly dependent on the inclusion of the option value. Our results indicate an option value of a major economic magnitude. This implies that previously reported VSL estimates, used in societal benefit–cost analysis of health investments, are exaggerated.

sted, utgiver, år, opplag, sider
Amsterdam: Elsevier, 2009. Vol. 28, nr 3, s. 563-569
Emneord [en]
Value of a statistical life; Benefit–cost analysis; Real options; Contingent Valuation; Road safety
HSV kategori
Forskningsprogram
Nationalekonomi
Identifikatorer
URN: urn:nbn:se:kau:diva-10990DOI: 10.1016/j.jhealeco.2009.01.002OAI: oai:DiVA.org:kau-10990DiVA, id: diva2:494553
Tilgjengelig fra: 2012-02-08 Laget: 2012-02-08 Sist oppdatert: 2017-12-07bibliografisk kontrollert

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Forlagets fullteksthttp://www.sciencedirect.com/science/article/pii/S0167629609000071

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Krüger, NiclasSvensson, Mikael

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