Willingness to Pay and QALYs: What Can We Learn about Valuing Foodborne Risk?
Author
Summary, in English
This paper examines the value of reducing foodborne risk. Previous research on the valuation of health risk has been dominated by the study of mortality risk. However, in most cases foodborne illnesses are non-fatal, so we focus on individuals' preferences for reducing morbidity risk, while also including a realistic, if remote, chance of death. We use a contingent valuation method on a Swedish sample and we estimate a value of a statistical illness consistent with previous findings in the literature. We also examine how willingness to pay (WTP) varies with the expected change in quality-adjusted life years (QALYs) and estimate the WTP per QALY. We find that WTP increases with, though less than proportionally to, a change in QALYs. However, our results also suggest that respondents may have found it difficult to evaluate compound risks of both morbidity and mortality simultaneously.
Publishing year
2015
Language
English
Pages
727-752
Publication/Series
Journal of Agricultural Economics
Volume
66
Issue
3
Document type
Journal article
Publisher
Wiley-Blackwell
Topic
- Other Agricultural Sciences not elsewhere specified
- Economics
Keywords
- food risks
- QALY
- valuation
- willingness to pay
Status
Published
ISBN/ISSN/Other
- ISSN: 1477-9552