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Personal willingness to pay for prevention: evaluating the consequences of accidents as a basis for preventive measures
Author(s) -
JONESLEE M. W.
Publication year - 1993
Publication title -
addiction
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.424
H-Index - 193
eISSN - 1360-0443
pISSN - 0965-2140
DOI - 10.1111/j.1360-0443.1993.tb02109.x
Subject(s) - willingness to pay , context (archaeology) , transferability , estimation , poison control , occupational safety and health , actuarial science , injury prevention , human factors and ergonomics , cost–benefit analysis , work (physics) , suicide prevention , developing country , empirical research , value (mathematics) , risk analysis (engineering) , public economics , business , economics , environmental health , medicine , computer science , econometrics , engineering , economic growth , microeconomics , political science , statistics , mathematics , pathology , biology , paleontology , management , logit , mechanical engineering , law , machine learning
This paper argues that if scarce resources are to be allocated efficiently and to greatest advantage then it is necessary to have explicit monetary measures of the benefits of reduced accident rates so that these benefits can be weighed against costs in the process of determining the appropriate amount to expend on alcohol‐related accident prevention programmes. The conceptual issues related to the definition and estimation of monetary values of safety are discussed and the case in favour of basing such values on individual willingness to pay for safety is developed. The paper then summarises existing empirical estimates of wittingness‐to‐pay based values for the prevention of fatalities and reports the preliminary results of recent work aimed at estimating willingness‐to‐pay based values for the prevention of non‐fatal injuries. The paper concludes by examining the applicability of existing empirical estimates of the value of safety in the alcohol‐related accident context and the transferability of estimates derived in developed countries to the developing country context.