Publications

Authors:

Gerking, Shelby; Adamowicz, Wiktor; Dickie, Mark; Veronesi, Marcella

Title:

Baseline Risk and Marginal Willingness to Pay for Health Risk Reduction

Year:

2017

Type of item:

Articolo in Rivista

Tipologia ANVUR:

Articolo su rivista

Language:

Inglese

Referee:

Sì

Name of journal:

JOURNAL OF RISK AND UNCERTAINTY

ISSN of journal:

0895-5646

N° Volume:

55

Number or Folder:

2-3

Page numbers:

177-202

Keyword:

Baseline risk; Morbidity; Willingness to pay; Heart disease; Health risk; Endogenous risk; Children’s morbidity risk

Short description of contents:

Empirical results presented in this paper suggest that parents’ marginal willingness to pay (MWTP) for a reduction in morbidity risk from heart disease is inversely related to baseline risk (i.e., the amount of risk initially faced) both for themselves and for their children. For instance, a 40% reduction from the mean of baseline risk results in an increase in MWTP by 70% or more. Thus, estimates of monetary benefits of public programs to reduce heart disease risk would be understated if the standard practice is followed of evaluating MWTP at initial risk levels and then multiplying this value by the number of cases avoided. Estimates are supported by: (1) unique quantitative information on perceptions of the risk of getting heart disease that allow baseline risk to be defined at an individual level and (2) improved econometric procedures to control for well-known difficulties associated with stated preference data.

Product ID:

100082

Handle IRIS:

11562/972257

Last Modified:

November 11, 2022

Bibliographic citation:

Gerking, Shelby; Adamowicz, Wiktor; Dickie, Mark; Veronesi, Marcella, Baseline Risk and Marginal Willingness to Pay for Health Risk Reduction «JOURNAL OF RISK AND UNCERTAINTY» , vol. 55 , n. 2-3 , 2017 , pp. 177-202

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