In the expected-utility theory of the monetary value of a statistical life, the so-called dead-anyway effect discovered by Pratt and Zeckhauser (1996) asserts that an individuals' willingness to pay (WTP) for small reductions in mortality risk increases with the initial level of risk. Their...

Sensitivity (proportionality) of willingness to pay to (small) risk changes is often used as a criterion to test for valid measures of economic preferences. In a contingent valuation (CV) study conducted in Austria, 1,005 respondents were asked their willingness to pay (WTP) for preventing an...

This paper establishes a new method for eliciting Willingness to Pay (WTP) in contingent valuation (CV) studies with an open-ended elicitation format: the Range-WTP method. In contrast to the traditional approach for eliciting Point-WTP, Range-WTP explicitly allows for preference uncertainty in...