This study uses stated preference questions to evaluate preferences and values for risk reductions. Stated preference (SP) approaches use survey questions to have respondents explicitly or implicitly state their preferences and values (as opposed to a revealed preference approach based on interpreting observed behavior). The SP approach is used to provide comprehensive preference and valuation information on a wide range of situations (e.g., different fatal risk causes, different risk levels, different timing of risks) that are not available with observed behavior. Considerable variation is shown in the implied value of statistical life (VSL) depending on the risk level, type of risk (cancer, heart attack, or motor vehicle accident), and timing of risk.