Scandinavian Working Papers in Economics
Working Papers in Economics,
University of Gothenburg, Department of Economics
No 84: Is Transport Safety More Valuable in the Air?
Fredrik Carlsson (), Olof Johansson-Stenman and Peter Martinsson ()
Additional contact information
Fredrik Carlsson: Department of Economics, School of Economics and Commercial Law, Göteborg University, Postal: Box 640, SE 405 30 GÖTEBORG
Olof Johansson-Stenman: Department of Economics, School of Economics and Commercial Law, Göteborg University, Postal: Box 640, SE 405 30 GÖTEBORG
Peter Martinsson: Department of Economics, School of Economics and Commercial Law, Göteborg University, Postal: Box 640, SE 405 30 GÖTEBORG
Abstract: Using a contingent valuation survey, people’s willingness to pay for a given risk reduction is found to be much larger when traveling by air compared to by taxi. Follow-up questions revealed that an important reason for this discrepancy is that many experience a higher mental suffering from flying, and that they are willing to pay to reduce this suffering. It was also consistently found that people are willing to pay more for a certain risk reduction if the original price was higher. Policy implications are discussed.
Keywords: Contingent valuation; transport; value of a statistical life; willingness to pay
JEL-codes: H00; H54; I18; I30; R40
28 pages, December 20, 2002
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