Paired comparison and contingent valuation approaches to morbidity risk valuation

This research uses an experimental approach for eliciting consumer valuations of morbidity risk reductions associated with safter chemical products and introduces the paired comparison questions approach to non-market valuation. In four applications, the paired comparisons approach yields higher mor...

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Bibliographic Details
Published in:Journal of environmental economics and management 1988-12, Vol.15 (4), p.395-411
Main Authors: Magat, Wesley A, Kip Viscusi, W, Huber, Joel
Format: Article
Language:English
Subjects:
Advantages
Contingent
Hazardous materials
Mathematical models
Morbidity
Product safety
Risk
Valuation
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Summary:This research uses an experimental approach for eliciting consumer valuations of morbidity risk reductions associated with safter chemical products and introduces the paired comparison questions approach to non-market valuation. In four applications, the paired comparisons approach yields higher morbidity valuations than the more familiar contingent valuation approach. However, both methodologies produce large values of morbidity reduction benefits in comparison to estimates derived from wage hedonic studies. Explanations for the difference in the estimates and their magnitudes are suggested along with the public policy implications.
ISSN:0095-0696
1096-0449
DOI:10.1016/0095-0696(88)90034-4