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On the validity of the estimates of the VSL from contingent valuation: Evidence from the Czech Republic

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11690%2F21%3A10428752" target="_blank" >RIV/00216208:11690/21:10428752 - isvavai.cz</a>

  • Alternative codes found

    RIV/00216208:11230/21:10428752

  • Result on the web

    <a href="https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=ekwExSN1JB" target="_blank" >https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=ekwExSN1JB</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.1007/s11166-021-09347-8" target="_blank" >10.1007/s11166-021-09347-8</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    On the validity of the estimates of the VSL from contingent valuation: Evidence from the Czech Republic

  • Original language description

    We assess the reliability and validity of estimates of the Value per Statistical Life (VSL) from contingent valuation by administering the same contingent valuation (CV) questionnaire on samples drawn from the population of the Czech Republic five years apart. We use a novel approach in eliciting the WTP for cancer mortality risk reduction, in that we present respondents with two probabilities-that of getting cancer, and that of surviving it. We find that the cancer VSL is somewhat different across the two samples, but this difference is completely explained by income and cancer dread. The WTP is proportional to the size of the cancer mortality risk reduction, and increases with income and with cancer dread. The income elasticity of the VSL is 0.5 to 0.7, and is thus in line with the findings in Masterman and Viscusi (2018). Our estimates of the VSL (approximately EUR3-4 mill. May 2019 PPP euro) are close to Viscusi and Masterman&apos;s prediction (2017) based on compensating wage studies, less than the estimates from compensating wage studies conducted in the Czech Republic, and similar to estimates from other stated preference studies in the Czech Republic. We conclude that the CV questionnaire and administration procedures produce reliable and stable results, and that construct and criterion validity are likewise good. We interpret these findings as providing support for an approach that expresses very small mortality risks and risk reductions as the product of two probabilities.

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database

  • CEP classification

  • OECD FORD branch

    50201 - Economic Theory

Result continuities

  • Project

  • Continuities

    R - Projekt Ramcoveho programu EK

Others

  • Publication year

    2021

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Name of the periodical

    Journal of Risk and Uncertainty

  • ISSN

    0895-5646

  • e-ISSN

  • Volume of the periodical

    62

  • Issue of the periodical within the volume

    1

  • Country of publishing house

    US - UNITED STATES

  • Number of pages

    33

  • Pages from-to

    55-87

  • UT code for WoS article

    000662803900001

  • EID of the result in the Scopus database

    2-s2.0-85108061895