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International differences in willingness to pay for reduced risks due to risk representation: evidence from cross-country surveys in Northeast Asia

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  • Guofang Zhai

Abstract

International benefit transfer from developed countries is often used to evaluate international aid projects due to the lack of primary study in the policy country, particularly when the policy country is a developing one. This paper shows that different countries may have considerable differences in their willingness to pay (WTP) for risk reduction using three surveys with the same protocol carried out around the same time in a coastal city in China, Japan, and South Korea. Japanese WTP is more than the South Korean one. Chinese WTP changes greatly depending on price adjustment coefficients: purchasing power price index or real exchange rate, but it is not impacted by risk reduction representation as in Japan and South Korea. This result suggests that more attention needs to be paid to the effect of international cultural settings when applying international benefit transfers.

Suggested Citation

  • Guofang Zhai, 2011. "International differences in willingness to pay for reduced risks due to risk representation: evidence from cross-country surveys in Northeast Asia," Journal of Risk Research, Taylor & Francis Journals, vol. 14(10), pages 1177-1190, November.
    • Handle: RePEc:taf:jriskr:v:14:y:2011:i:10:p:1177-1190
    DOI: 10.1080/13669877.2011.587889
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    1. Abou-Ali, Hala & Belhaj, Mohammed, 2005. "Does Benefit Transfer Always Work: a Multi-country Comparison," Working Papers in Economics 158, University of Gothenburg, Department of Economics.
    2. Krupnick, Alan J. & Alberini, Anna & Cropper, Maureen L. & Simon, Nathalie B. & Itaoka, Kenshi & Akai, Makoto, 1999. "Mortality Risk Valuation for Environmental Policy," Discussion Papers 10882, Resources for the Future.
    3. Ian J. Bateman & Richard T. Carson & Brett Day & Michael Hanemann & Nick Hanley & Tannis Hett & Michael Jones-Lee & Graham Loomes, 2002. "Economic Valuation with Stated Preference Techniques," Books, Edward Elgar Publishing, number 2639.
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