Abstract

http://ssrn.com/abstract=1359221
 
 

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Valuing Risks of Death from Terrorism and Natural Disasters


W. Kip Viscusi


Vanderbilt University - Law School; National Bureau of Economic Research (NBER); Vanderbilt University - Department of Economics; Vanderbilt University - Owen Graduate School of Management; Vanderbilt University - Strategy and Business Economics

March 13, 2009

Vanderbilt Law and Economics Research Paper No. 09-08

Abstract:     
This paper uses a random utility model to examine stated preferences for the valuation of public risks of fatalities from terrorist attacks and natural disasters. Traffic-related deaths serve as the common reference point in two series of pairwise risk-risk tradeoff choices. Even after taking into account differences in respondent risk beliefs, the nationally representative sample values preventing terrorism deaths almost twice as highly as preventing natural disaster deaths and at about the same level as preventing deaths from traffic accidents, which pose greater personal risk. Education, seat belt usage, political preferences, and terrorism risk beliefs affect valuations in the expected manner.

Number of Pages in PDF File: 37

Keywords: risk tradeoffs, terrorism, natural disasters, dread, Hurricane Katrina, 9/11 attack

JEL Classification: D61, D62, D64, H41, H56

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Date posted: March 14, 2009  

Suggested Citation

Viscusi, W. Kip, Valuing Risks of Death from Terrorism and Natural Disasters (March 13, 2009). Vanderbilt Law and Economics Research Paper No. 09-08. Available at SSRN: http://ssrn.com/abstract=1359221 or http://dx.doi.org/10.2139/ssrn.1359221

Contact Information

W. Kip Viscusi (Contact Author)
Vanderbilt University - Law School ( email )
131 21st Avenue South
Nashville, TN 37203-1181
United States
615-343-7715 (Phone)
615-322-5953 (Fax)
HOME PAGE: http://law.vanderbilt.edu/faculty/viscusi.htm
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Vanderbilt University - Department of Economics
Box 1819 Station B
Nashville, TN 37235
United States
(615) 343-7715 (Phone)
(615) 343-5953 (Fax)
HOME PAGE: http://law.vanderbilt.edu/faculty/viscusi.htm
Vanderbilt University - Owen Graduate School of Management
401 21st Avenue South
Nashville, TN 37203
United States
(615) 343-7715 (Phone)
(615) 343-5953 (Fax)
HOME PAGE: http://law.vanderbilt.edu/faculty/viscusi.htm
Vanderbilt University - Strategy and Business Economics ( email )
Nashville, TN 37203
United States

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