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Willingness to pay for low-lung-cancer-risk cigarettes in Taiwan

✍ Scribed by Man-Ser Jan; Tsu-Tan Fu; Chung L. Huang

Publisher
John Wiley and Sons
Year
2004
Tongue
English
Weight
153 KB
Volume
14
Category
Article
ISSN
1057-9230

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✦ Synopsis

Abstract

This study develops a conceptual framework based on the random utility model to estimate smokers' willingness to pay (WTP) for the hypothetical low‐lung‐cancer‐risk cigarettes in Taiwan. Following the approach taken by Viscusi (J Polit Econ 1990; 98: 1253–1269), an individual's subjective risk perception on the probability of developing lung cancer from smoking cigarettes was measured and used in the estimation of demand for safer cigarettes. Other factors that may affect a smoker's purchase decision toward the hypothetically safer cigarettes are also identified. The average WTP for one pack of low‐lung‐cancer‐risk cigarettes is estimated to be NT$44.15, which represents a 152% price increase over the average price of cigarettes currently sold in the market. Copyright Β© 2004 John Wiley & Sons, Ltd.

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