Chilton, S., Duxbury, D., Mussio, I. orcid.org/0000-0003-3724-9865 et al. (2 more authors) (2024) A double-bounded risk-risk trade-off analysis of heatwave-related mortality risk: Evidence from India. Journal of Risk and Uncertainty, 68 (1). pp. 1-23. ISSN 0895-5646
Abstract
As climate variability is increasing, extreme events such as temperature fluctuations are expected to become more frequent. Low- and middle-income countries (LMICs) are especially vulnerable to heat-related variability and its ensuing impacts on mortality. Therefore, there is an urgent need to understand how citizens in LMICs trade-off climate-related mortality risks with other risks such as traffic accidents, and what values they place on reducing such risks. As populations in LMICs are income-constrained, we adopt a non-monetary, risk-risk trade-off (RRTO) valuation method instead of the standard willingness-to-pay stated preference-based approach. We estimate the resulting risk premium for heatwave-related mortality risks through an adapted double-bounded, dichotomous choice approach to establish whether, on average, people value avoiding these risks more compared to reducing traffic risks. Using a sample of over 2,300 individuals from across seven states in India, a country with one of the highest heat-related mortality globally, we estimate the heatwave risk mortality premium to be between 2.2–2.9, indicating that on average, individuals weigh reducing heatwave-related mortality risks more than two times that of reducing traffic accident mortality risks. Based on a standard benefit transfer methodology for LMICs, this premium translates to a Value of Statistical Life (VSL) of USD 0.37–2.61 million for India.
Metadata
Item Type: | Article |
---|---|
Authors/Creators: |
|
Copyright, Publisher and Additional Information: | © 2024, The Author(s). This is an open access article under the terms of the Creative Commons Attribution License (CC-BY 4.0), which permits unrestricted use, distribution and reproduction in any medium, provided the original work is properly cited. |
Keywords: | Climate change, Heatwaves, Context premium, Risk-risk trade-off, Value of statistical life, India |
Dates: |
|
Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Economics Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 18 Dec 2023 12:00 |
Last Modified: | 21 Mar 2024 16:49 |
Status: | Published |
Publisher: | Springer |
Identification Number: | 10.1007/s11166-023-09422-2 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:206669 |