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The Impact of Real ...
The Impact of Real Options on Willingness to Pay for Mortality Risk Reductions
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- Krüger, Niclas A (author)
- Örebro universitet,Handelshögskolan vid Örebro universitet,Nationalekonomi,Örebro Universitet, Karlstads Universitet,Department of Economics, Swedish Business School, Örebro University, Sweden
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- Svensson, Mikael, 1980- (author)
- Gothenburg University,Göteborgs universitet,Karlstads universitet,Örebro universitet,Handelshögskolan vid Örebro universitet,Nationalekonomi,Örebro Universitet, Karlstads Universitet,Avdelningen för nationalekonomi och statistik,Institutionen för medicin, avdelningen för samhällsmedicin och folkhälsa, enheten för arbets-och miljömedicin,Institute of Medicine, Department of Public Health and Community Medicine, Section of Occupational and environmental medicine
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(creator_code:org_t)
- Amsterdam : ELSEVIER SCIENCE, 2009
- 2009
- English.
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In: Journal of Health Economics. - Amsterdam : ELSEVIER SCIENCE. - 0167-6296 .- 1879-1646. ; 28:3, s. 563-569
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Abstract
Subject headings
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- 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.
Subject headings
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
- MEDICIN OCH HÄLSOVETENSKAP -- Hälsovetenskap -- Hälso- och sjukvårdsorganisation, hälsopolitik och hälsoekonomi (hsv//swe)
- MEDICAL AND HEALTH SCIENCES -- Health Sciences -- Health Care Service and Management, Health Policy and Services and Health Economy (hsv//eng)
Keyword
- Safety
- Fatality
- Accident prevention
- Cost benefit analysis
- Value analysis
- Stated preference
- Mathematical model
- Road: Economics
- Road: Economics
- Road: Traffic safety and accidents
- Road: Traffic safety and accidents
- Economics
- Economics
- Economics
- Benefit-cost analysis
- Contingent Valuation
- Real options
- Road safety
- Value of a statistical life
Publication and Content Type
- ref (subject category)
- art (subject category)
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