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Willingness to Pay and Sensitivity to Time Framing: A Theoretical Analysis and an Application on Car Safety

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  • Andersson, Henrik
  • Hammitt, James
  • Lindberg, Gunnar
  • Sundström, Kristian

Abstract

Stated preference (SP) surveys attempt to obtain monetary values for non-market goods that reflect individuals’ “true†preferences. Numerous empirical studies suggest that monetary values from SP studies are sensitive to survey design and so may not reflect respondents’ true preferences. This study examines the effect of time framing on respondents’ willingness to pay (WTP) for car safety.We explore how WTP per unit risk reduction depends on the time period over which respondents pay and face reduced risk in a theoretical model and by using data from a Swedish contingent valuation survey. We find that WTP is sensitive to time framing; the theoretical model predicts that the effect is likely to be nontrivial, and empirical estimates from an annual scenario are about 70 percent higher than estimates from a monthly scenario.

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  • Andersson, Henrik & Hammitt, James & Lindberg, Gunnar & Sundström, Kristian, 2011. "Willingness to Pay and Sensitivity to Time Framing: A Theoretical Analysis and an Application on Car Safety," LERNA Working Papers 11.20.354, LERNA, University of Toulouse.
    • Handle: RePEc:ler:wpaper:25325
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    9. Henrik Andersson & James K. Hammitt & Kristian Sundström, 2015. "Willingness to Pay and QALYs: What Can We Learn about Valuing Foodborne Risk?," Journal of Agricultural Economics, Wiley Blackwell, vol. 66(3), pages 727-752, September.
    10. Dorte Gyrd‐Hansen & Mette Lundsby Jensen & Trine Kjaer, 2014. "Framing The Willingness‐To‐Pay Question: Impact On Response Patterns And Mean Willingness To Pay," Health Economics, John Wiley & Sons, Ltd., vol. 23(5), pages 550-563, May.
    11. Vásquez-Lavín, Felipe & Carrasco, Moisés & Barrientos, Manuel & Gelcich, Stefan & Ponce Oliva, Roberto D., 2021. "Estimating discount rates for environmental goods: Are People’s responses inadequate to frequency of payments?," Journal of Environmental Economics and Management, Elsevier, vol. 107(C).
    12. Andersson Järnberg, Linda & Andrén, Daniela & Hultkrantz, Lars & Rutström, E.Elisabet & Vimefall, Elin, 2021. "Willingness to pay for private and public improvements of vulnerable road users’ safety," Working Papers 2021:11, Örebro University, School of Business.
    13. Mahasuweerachai, Phumsith & Pangjai, Siwarut, 2016. "Scope Insensitivity in Child's Health Risk Reduction: A Comparison of Damage Schedule and Choice Experiment Methods," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235577, Agricultural and Applied Economics Association.

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    Keywords

    Car safety; Contingent valuation; Time frame; Willingness to pay;
    All these keywords.

    JEL classification:

    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • D6 - Microeconomics - - Welfare Economics
    • I1 - Health, Education, and Welfare - - Health
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General

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