Comparing Ranking and Contingent Valuation for Valuing Human Lives, Applying Nested and Non-Nested Logit Models

The aim of this paper is to investigate whetherrespondents perceive a discrete-choice contingentvaluation (DC-CVM) question differently from a rankingquestion. We combine the two approaches to valuepublic projects that try to prevent people from dyingprematurely. The combined valuation procedure enablesus to investigate the internal consistency of theutility structure between choices, applying nested andnon-nested logit models. If the preference structureis allowed to shift, the relative utility weights ofthe attributes differ between the valuation questions,and the willingness-to-pay (WTP) estimate from thecombined procedure changes.