Abstract
This article presents an estimate of the benefits of reducing crime using the contingent-valuation (CV) method. We focus on gun violence, a crime of growing policy concern in America. Our data come from a national survey in which we ask respondents referendum-type questions that elicit their willingness-to-pay (WTP) to reduce gun violence by 30%. We estimate that the public's WTP to reduce gun assaults by 30% equals $24.5 billion, or around $1.2 million per injury. Our estimate implies a statistical value of life that is quite consistent with those derived from other methods.
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Ludwig, J., Cook, P.J. The Benefits of Reducing Gun Violence: Evidence from Contingent-Valuation Survey Data. Journal of Risk and Uncertainty 22, 207–226 (2001). https://doi.org/10.1023/A:1011144500928
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DOI: https://doi.org/10.1023/A:1011144500928