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The Impact of Real Options on Willingness to Pay for Mortality Risk Reductions
Örebro Universitet, Karlstads Universitet.
Örebro Universitet, Karlstads Universitet.
2009 (English)In: Journal of Health Economics, ISSN 0167-6296, Vol. 28, no 3, 563-569 p.Article in journal (Refereed) 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 lite (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.

Place, publisher, year, edition, pages
Amsterdam: ELSEVIER SCIENCE , 2009. Vol. 28, no 3, 563-569 p.
Keyword [en]
Safety, Fatality, Accident prevention, Cost benefit analysis, Value analysis, Stated preference, Mathematical model
National Category
Economics
Research subject
Road: General works, surveys, comprehensive works, Road: Economics; Road: Traffic safety and accidents
Identifiers
URN: urn:nbn:se:vti:diva-6629DOI: 10.1016/j.jhealeco.2009.01.002ISI: 000266648500004OAI: oai:DiVA.org:vti-6629DiVA: diva2:687376
Available from: 2014-01-14 Created: 2014-01-14 Last updated: 2014-05-16Bibliographically approved

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Krüger, Niclas A
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CiteExportLink to record
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Citation style
  • apa
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