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The Cost of Life Expectancy and the Implicit Social Valuation of Life

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  • Steve Dowrick
  • Yvonne Dunlop
  • John Quiggin

Abstract

A new method of estimating the economic value of life is proposed. Using cross‐country data, an equation is estimated to explain life expectancy as a function of real consumption of goods and services. The associated cost function for life expectancy in terms of the prices of specific goods and services is used to estimate the cost of a reduction in age‐specific mortality rates sufficient to save the life of one person. The cost of saving a life in OECD countries is as much as 1000 times that in the poorest countries. Ethical implications are discussed.

Suggested Citation

  • Steve Dowrick & Yvonne Dunlop & John Quiggin, 1998. "The Cost of Life Expectancy and the Implicit Social Valuation of Life," Scandinavian Journal of Economics, Wiley Blackwell, vol. 100(4), pages 673-691, December.
    • Handle: RePEc:bla:scandj:v:100:y:1998:i:4:p:673-691
    DOI: 10.1111/1467-9442.00130
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    Cited by:

    1. Ravallion, Martin, 2012. "Troubling tradeoffs in the Human Development Index," Journal of Development Economics, Elsevier, vol. 99(2), pages 201-209.
    2. Huhr, Scott & Wulczyn, Fred, 2022. "Do intensive in-home services prevent placement?: A case study of Youth Villages’ Intercept® program," Children and Youth Services Review, Elsevier, vol. 132(C).
    3. Halkos, George & Tzeremes, Nickolaos, 2005. "A DEA approach to regional development," MPRA Paper 3992, University Library of Munich, Germany.
    4. Dowrick, Steve & Dunlop, Yvonne & Quiggin, John, 2003. "Social indicators and comparisons of living standards," Journal of Development Economics, Elsevier, vol. 70(2), pages 501-529, April.

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