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KMID : 1170320160220020051
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Korean Journal of Health Economics and Policy
2016 Volume.22 No. 2 p.51 ~ p.78
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Economic valuation of statistical life in life loss of heat wave attributed to the climate change
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Lee Sue-Hyung
Shin Ho-Sung
Kim Dae-Eun
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Abstract
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The study aimed to estimate the economic valuation of statistical life (VSL) in mortality risk of heat wave due to climate change. The double-bounded dichotomous choice (DBDC) of contingent valuation method was used to estimate the willingness to pay (WTP) with 801 adult respondents aged 30 to 75 residing in Seoul. We modified DBDC with adopting spike model to deal with genuine zero willingness to pay. Monthly mean WTP was 18,210 KRW, and monthly mean WTP adjusted by income was 18,488 KRW. Based on the monthly mean WTP, VSL was estimated to 369.8 million KRW (95% CI 325.1 million KRW c- 414.4 million KRW). Our results showed that more serious perception regarding the risk of climate change, the higher WTP to reduce risk of heat wave, and in addition, the seriousness was related with respondent perception that threat would be happen to be real. These patterns of WTP showed similar trend regardless of vulnerable or non-vulnerable groups. The study findings suggested that policy adaptation and alternatives of heat wave should include non-vulnerable population as well as vulnerable population on which the adaption policy of heat wave was mainly focused.
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KEYWORD
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Climate change, heat wave, willingness to pay, contingent valuation method, valuation of statistical life
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