Determining the value of reductions in radiation risk using the contingent valuation method

A comparative analysis of the value placed on reductions in risks from occupational radiation exposure and car accidents was conducted, using as subjects the employees in nuclear power plants and nuclear institutes in Korea. The double bounded dichotomous choice (DBDC) approach was used in the context of the contingent valuation method (CVM). A web-based on-line survey questionnaire was used to determine willingness-to-pay (WTP) values for predefined 20% reductions of the risks and a factor analysis was used to determine the principal components influencing WTP. WTP values for reduction of each risk were obtained and implied values of a statistical life were calculated and compared. A Won per man-rem conversion factor was also calculated.