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Valuation of the risk of SARS in Taiwan
Author(s) -
Liu JinTan,
Hammitt James K.,
Wang JungDer,
Tsou MengWen
Publication year - 2005
Publication title -
health economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.55
H-Index - 109
eISSN - 1099-1050
pISSN - 1057-9230
DOI - 10.1002/hec.911
Subject(s) - contingent valuation , willingness to pay , valuation (finance) , covid-19 , actuarial science , economics , demography , socioeconomics , medicine , disease , finance , infectious disease (medical specialty) , pathology , sociology , microeconomics
Two surveys conducted in Taiwan during the spring 2003 severe acute respiratory syndrome (SARS) epidemic reveal a high degree of concern about the threat posed by SARS to Taiwan and its residents, although respondents believe they are knowledgeable about the risk of SARS and that it is susceptible to individual control. Willingness to pay (WTP) to reduce the risk of infection and death from SARS is elicited using contingent valuation methods. Estimated WTP is high, implying values per statistical life of US$3 to 12 million. While consistent with estimates for high‐income countries, these values are substantially larger than previous estimates for Taiwan and may be attributable to the high degree of concern about SARS at the time the data were collected. Copyright © 2004 John Wiley & Sons, Ltd.