Document Type
Article
Publication Title
Journal of Benefit-Cost Analysis
Publication Date
6-2020
ISSN
2194-5888
Page Number
221
Keywords
ambiguity aversion, atrazine, benefit-cost analysis, drinking water
Disciplines
Environmental Law | Law
Abstract
Low probability risks create challenges for individual decisions and potential pressures for government regulation. This article reports original survey evidence regarding the public’s perception and valuation of water-related risks from plastic bottles with bisphenol A, residues in drinking water of the herbicide atrazine, and trace amounts of prescription drugs in water. People who believe that they face high water-related risks generally believe that the risks apply and, given that belief, are willing to pay more to limit the risk. However, the expressed willingness to pay for risk reductions is inordinately high even among those who are unsure of whether they are even exposed to the risk, and therefore may not be reliable as values for the actual benefits.
Recommended Citation
W. Kip Viscusi, Joel Huber, and Jason Bell,
The Perception and Excessive Valuation of Small, Publicized Drinking Water Risks, 11 Journal of Benefit-Cost Analysis. 221
(2020)
Available at: https://scholarship.law.vanderbilt.edu/faculty-publications/1539