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'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
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Czech description
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Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50201 - Economic Theory
Result continuities
Project
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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
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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