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On the Value of Cha...
On the Value of Changes in Life Expectancy: Blips versus Parametric Changes
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- Johannesson, Magnus (author)
- Stockholm School of Economics,Handelshögskolan i Stockholm
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- Johansson, Per-Olov (author)
- Stockholm School of Economics,Handelshögskolan i Stockholm
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- Lofgren, Karl-Gustaf (author)
- Umeå University
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(creator_code:org_t)
- Springer Nature, 1997
- 1997
- English.
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In: Journal of risk and uncertainty. - : Springer Nature. - 1573-0476 .- 0895-5646. ; 15:3, s. 221-239
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Abstract
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- We estimate the value of a 'blip', i.e. an immediate small reduction, in the hazard rate for a random sample of Swedes. Since the risk reduction is age-independent (2 'extra saved lives' out of 10,000 during the next year), we can examine how the value of a statistical life varies with age. We also show how blip data can be used to obtain a lower bound for the value of a permanent change in an individual's hazard rate. The value of a life exhibits an inverted-U shape with respect to age, peaking at the age of 40, and lies within the $3 to $7 million interval where most reasonable estimates are clustered according to Viscusi's (1992) survey.
Subject headings
- MEDICIN OCH HÄLSOVETENSKAP -- Hälsovetenskap -- Hälso- och sjukvårdsorganisation, hälsopolitik och hälsoekonomi (hsv//swe)
- MEDICAL AND HEALTH SCIENCES -- Health Sciences -- Health Care Service and Management, Health Policy and Services and Health Economy (hsv//eng)
Publication and Content Type
- art (subject category)
- ref (subject category)
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