Is Transport Safety More Valuable in the Air?

Fredrik Carlsson (), Olof Johansson-Stenman () and Peter Martinsson

No 84, Working Papers in Economics from Göteborg University, Department of Economics

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 (search for similar items in EconPapers)
JEL-codes: H00 H54 I18 I30 R40 (search for similar items in EconPapers)
Date: 2002-12-20
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Published in Journal of Risk and Uncertainty, 2004, pages 147-163.

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