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Eliciting subjective beliefs about mortality risk orderings
Department of Economics, College of Business Administration, University of Central Florida, Orlando FL, United States.
Department of Economics, College of Business Administration, University of Central Florida, Orlando FL, United States.ORCID iD: 0000-0001-8616-3318
2006 (English)In: Environmental and Resource Economics, ISSN 0924-6460, E-ISSN 1573-1502, Vol. 33, no 3, p. 325-346Article in journal (Refereed) Published
Abstract [en]

We develop an experimental method to elicit subjective beliefs about the ordering of mortality risk over different causes of death. The experimental procedure emphasizes incentive-compatibility, so that the individual has a positive financial incentive to respond truthfully. We also consider the extent to which individuals have subjective beliefs for sub-segments of the population that are more accurate than their beliefs about the risks for the population as a whole. We propose several hypotheses concerning the degree of familiarity of the risks, and find that the evidence supports those hypotheses. The evidence also suggests that there is no discernible difference between beliefs elicited using hypothetical or real financial rewards in the elicitation format we use. Our findings restore some confidence in the ability to elicit beliefs about mortality risks, and therefore to get reliable estimates of the monetary value of a statistical life.

Place, publisher, year, edition, pages
Springer Nature , 2006. Vol. 33, no 3, p. 325-346
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:oru:diva-68867DOI: 10.1007/s10640-005-3608-yISI: 000236355300004Scopus ID: 2-s2.0-33645277122OAI: oai:DiVA.org:oru-68867DiVA, id: diva2:1247422
Available from: 2018-09-12 Created: 2018-09-12 Last updated: 2018-09-13Bibliographically approved

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Rutström, Elisabet

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