The value of a statistical life under ambiguity aversion

Arbeitspapier

We show that ambiguity aversion increases the value of a statistical life as soon as the marginal utility of wealth is higher if alive than dead. The intuition is that ambiguity aversion has a similar effect as an increase in the perceived baseline mortality risk, and thus operates as the “dead anyway” effect. We suggest, however, that ambiguity aversion should usually have a modest effect on the prevention of ambiguous mortality risks within benefit-cost analysis, and can hardly justify the substantial “ambiguity premium” apparently embodied in environmental policy-making.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CESifo Working Paper ; No. 2291

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Criteria for Decision-Making under Risk and Uncertainty ; Valuation of Environmental Effects ; Health: Government Policy; Regulation; Public Health
• Thema: ambiguity ; value-of-a-statistical-life ; uncertainty ; risk-aversion ; willingness-topay ; benefit-cost analysis ; environmental risk ; health policy ; Wert des Lebens ; Mensch ; Bewertung ; Risikoaversion ; Willingness to pay ; Sterblichkeit ; Theorie

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Treich, Nicolas
• Ereignis: Veröffentlichung
• (wer): Center for Economic Studies and ifo Institute (CESifo)
• (wo): Munich
• (wann): 2008

Weitere Informationen

• Handle: http://hdl.handle.net/10419/26336
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ