On the Value of Changes in Life Expectancy: Blips versus Parametric Changes

Johannesson, MagnusStockholm School of Economics,Handelshögskolan i Stockholm (author)

LIBRIS-ID:oai:hhs.se:1155789250006056
https://research.hhs.se/esploro/outputs/journalArticle/On-the-Value-of-Changes-in/991001484689506056URI
https://doi.org/10.1023/A:1007705309543DOI

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.

Johansson, Per-OlovStockholm School of Economics,Handelshögskolan i Stockholm(Swepub:hhs)203@hhs.se (author)
Lofgren, Karl-GustafUmeå University (author)
Handelshögskolan i StockholmStockholm School of Economics (creator_code:org_t)

In:Journal of risk and uncertainty: Springer Nature15:3, s. 221-2391573-04760895-5646

By the author/editor: Johannesson, Mag ...; Johansson, Per-O ...; Lofgren, Karl-Gu ...

About the subject

MEDICAL AND HEALTH SCIENCES: MEDICAL AND HEAL ...; and Health Sciences; and Health Care Serv ...

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