Willingness to Pay and QALYs: What Can We Learn about Valuing Foodborne Risk?

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Willingness to Pay and QALYs: What Can We Learn about Valuing Foodborne Risk? / Andersson, Henrik; Hammitt, James K.; Sundström, Kristian.

I: Journal of Agricultural Economics, Vol. 66, Nr. 3, 2015, s. 727-752.

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TY - JOUR

T1 - Willingness to Pay and QALYs: What Can We Learn about Valuing Foodborne Risk?

AU - Andersson, Henrik

AU - Hammitt, James K.

AU - Sundström, Kristian

PY - 2015

Y1 - 2015

N2 - 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.

AB - 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.

KW - food risks

KW - QALY

KW - valuation

KW - willingness to pay

U2 - 10.1111/1477-9552.12109

DO - 10.1111/1477-9552.12109

M3 - Article

VL - 66

SP - 727

EP - 752

JO - Journal of Agricultural Economics

JF - Journal of Agricultural Economics

SN - 1477-9552

IS - 3

ER -