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Dread and Risk Elimination Premium for the Value of a Statistical Life
The Swedish Institute for Health Economics (IHE), Lund, Sweden; Department of Clinical Sciences, Malmö, Health Economics Unit, Lund University, Lund, Sweden.
The Swedish Institute for Health Economics (IHE), Lund, Sweden; Department of Clinical Sciences, Malmö, Health Economics Unit, Lund University, Lund, Sweden; School of Economics and Management, Institute of Economic Research, Lund University, Lund, Sweden; Department of Economics, School of Economics and Management, Lund University, Lund, Sweden.
Örebro University, Örebro University School of Business.ORCID iD: 0000-0003-1172-1076
The Swedish Institute for Health Economics (IHE), Lund, Sweden.
2019 (English)In: Risk Analysis, ISSN 0272-4332, E-ISSN 1539-6924Article in journal (Refereed) Epub ahead of print
Abstract [en]

The value of a statistical life (VSL) is a widely used measure for the value of mortality risk reduction. As VSL should reflect preferences and attitudes to risk, there are reasons to believe that it varies depending on the type of risk involved. It has been argued that cancer should be considered a "dread disease," which supports the use of a "cancer premium." The objective of this study is to investigate the existence of a cancer premium (for pancreatic cancer and multiple myeloma) in relation to road traffic accidents, sudden cardiac arrest, and amyotrophic lateral sclerosis (ALS). Data were collected from 500 individuals in the Swedish general population of 50-74-year olds using a web-based questionnaire. Preferences were elicited using the contingent valuation method, and a split-sample design was applied to test scale sensitivity. VSL differs significantly between contexts, being highest for ALS and lowest for road traffic accidents. A premium (92-113%) for cancer was found in relation to road traffic accidents. The premium was higher for cancer with a shorter time from diagnosis to death. A premium was also found for sudden cardiac arrest (73%) and ALS (118%) in relation to road traffic accidents. Eliminating risk was associated with a premium of around 20%. This study provides additional evidence that there exist a dread premium and risk elimination premium. These factors should be considered when searching for an appropriate value for economic evaluation and health technology assessment.

Place, publisher, year, edition, pages
Blackwell Publishing, 2019.
Keywords [en]
Cancer premium, VSL, risk elimination, stated preferences, willingness to pay
National Category
Cancer and Oncology
Identifiers
URN: urn:nbn:se:oru:diva-74704DOI: 10.1111/risa.13341PubMedID: 31194898OAI: oai:DiVA.org:oru-74704DiVA, id: diva2:1325681
Available from: 2019-06-17 Created: 2019-06-17 Last updated: 2019-06-17Bibliographically approved

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Hultkrantz, Lars

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