Climate Change, Large Risks, Small Risks, and the Value Per Statistical Life

45 Pages Posted: 2 Aug 2022

See all articles by Anna Alberini

Anna Alberini

University of Maryland - Department of Agricultural & Resource Economics

Milan Ščasný

Charles University Prague

Abstract

We conducted a contingent valuation survey in Spain and the UK to elicit the WTP for reductions in the mortality risks associated with heat waves. Using two different approaches to communicate heat-related risks, we arrive at very similar VSL figures (€ 2.2 million in Spain and € 2.4 million in the UK). The VSL is, within each country, the same across the two alternate presentations of the risks and risk reductions. These figures are somewhat at odds with the findings from a series of choices between Program A and Program B, where program A saves lives during heat waves and B saves lives from one of three other possible causes of death. A second series of “person tradeoffs” focuses on specific age groups. While the VSL responses exhibit good internal validity, we are unable to link the equivalence numbers from the person tradeoffs to respondent sociodemographics and risk perceptions.

Keywords: Climate Change, Heat Waves, Health Risks, Value per Statistical Life (VSL), Life-saving Programs

Suggested Citation

Alberini, Anna and Ščasný, Milan, Climate Change, Large Risks, Small Risks, and the Value Per Statistical Life. Available at SSRN: https://ssrn.com/abstract=4179106 or http://dx.doi.org/10.2139/ssrn.4179106

Anna Alberini (Contact Author)

University of Maryland - Department of Agricultural & Resource Economics ( email )

Symmons Hall, Rm 2200
University of Maryland
College Park, MD 20742-5535
United States
301-405-1267 (Phone)
301-314-9091 (Fax)

Milan Ščasný

Charles University Prague ( email )

Praha 1, 116 36
Czech Republic

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