Premium
Benefit transfer protocol for long‐term health risk valuation: A case of surface water contamination
Author(s) -
Kask Susan B.,
Shogren Jason F.
Publication year - 1994
Publication title -
water resources research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.863
H-Index - 217
eISSN - 1944-7973
pISSN - 0043-1397
DOI - 10.1029/94wr01051
Subject(s) - valuation (finance) , nonmarket forces , recreation , water quality , risk analysis (engineering) , actuarial science , business , public health , cost–benefit analysis , environmental economics , natural resource economics , economics , medicine , finance , microeconomics , ecology , nursing , political science , factor market , law , biology
In response to scarce financial resources, economists have promoted the concept of benefit transfer as a cost‐effective alternative to new nonmarket valuation studies. Recent discussion on benefit transfer for improved water quality has focused on recreational benefits. While useful, the discussion must now be expanded to include another key benefit from improved water quality: the reduction in risk to public health. This paper develops a protocol for benefit transfer of long‐term health risk reduction and presents a case study for surface water contamination. Challenges such as the multiple sources of risk, the mortality and morbidity effects indicated by a variety of symptoms, the long latency period between cause and effect, and an individual's ability to privately or collectively reduce the probability or severity of the risk are discussed.