Risk aversion and the value of risk to life

Arbeitspapier

This paper argues for an alternative methodology to estimate the value of risk to life. By relaxing the assumption of additive separability, we introduce risk aversion with respect to the length of life and show that the extended model better fits available data. This is crucial for the extrapolation stage that the evaluation of life-saving programs systematically requires. Current practice, we show, puts too little weight on the young. Our correction surpasses in magnitude that introduced by the switch from the notion of number of lives saved to the notion of years of life saved.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CESifo Working Paper ; No. 1267

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Allocative Efficiency; Cost-Benefit Analysis ; Health: Government Policy; Regulation; Public Health ; Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡ ; Criteria for Decision-Making under Risk and Uncertainty
• Thema: value of statistical life ; lifecycle behavior ; cost-benefit analysis ; Lebenszyklus ; Sterblichkeit ; Kosten-Nutzen-Analyse ; Risikoaversion ; Theorie

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Bommier, Antoine ; Villeneuve, Bertrand
• Ereignis: Veröffentlichung
• (wer): Center for Economic Studies and ifo Institute (CESifo)
• (wo): Munich
• (wann): 2004

Weitere Informationen

• Handle: http://hdl.handle.net/10419/18905
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ