Scandinavian Working Papers in Economics

Working Papers,
Swedish National Road & Transport Research Institute (VTI)

No 2006:5: Willingness to Pay for Road Safety and Estimates of the Risk of Death: Evidence from a Swedish Contingent Valuation Study

Henrik Andersson ()
Additional contact information
Henrik Andersson: VTI, Postal: VTI, Dept. of Transport Economics, P.O. Box 6056, SE-171 06 Solna, Sweden

Abstract: We examine how WTP for a reduction in road-mortality risk varies with different individual characteristics and how subjective mortality-risk estimates differ from objective (statistical) mortality-risk values. Using data from a Swedish contingent valuation study, we find some support that WTP declines with age and background risk, but we find no support that WTP varies with health status. Further, we find that respondents underassess their own mortality risks, both road- and total-mortality risks, compared to the objective risk measures for Sweden at the time of the survey.

Keywords: age; background risk; contingent valuation; health status; willingness to pay; risk perception; road safety

JEL-codes: C51; D61; J28

31 pages, July 4, 2006

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Published as
Henrik Andersson, (2007), 'Willingness to Pay for Road Safety and Estimates of the Risk of Death: Evidence from a Swedish Contingent Valuation Study', Accident Analysis and Prevention, vol 39, no 4, pages 853-865

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