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Constant and decreasing timing aversion for saving lives

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  • Cairns, John
  • Van der Pol, Marjon

Abstract

The traditional model of time preferences employed by economists is characterised by constant timing aversion. The available evidence suggests that this is not an appropriate assumption. This paper examines evidence for constant and decreasing timing aversion with respect to saving lives. Three discounting models are considered: the constant discounting model; the proportional discounting model; and the hyperbolic discounting model. Data collected from the general public are used to test the constant timing aversion model. Overall, the findings suggest that there is substantial evidence for decreasing timing aversion and against the constant timing aversion hypothesis.

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Bibliographic Info

Article provided by Elsevier in its journal Social Science & Medicine.

Volume (Year): 45 (1997)
Issue (Month): 11 (December)
Pages: 1653-1659

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Handle: RePEc:eee:socmed:v:45:y:1997:i:11:p:1653-1659

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Related research

Keywords: discounting future lives saved;

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Cited by:
  1. S. Höjgård & U. Enemark & C. H. Lyttkens & A. Lindgren & T. Tro�ng & H. Weibull, 2002. "Discounting and clinical decision making: Physicians, patients, the general public, and the management of asymptomatic abdominal aortic aneurysms," Health Economics, John Wiley & Sons, Ltd., vol. 11(4), pages 355-370.
  2. Cairns, John & van der Pol, Marjon, 2000. "Valuing future private and social benefits: The discounted utility model versus hyperbolic discounting models," Journal of Economic Psychology, Elsevier, vol. 21(2), pages 191-205, April.
  3. van der Pol, Marjon & Cairns, John, 2002. "A comparison of the discounted utility model and hyperbolic discounting models in the case of social and private intertemporal preferences for health," Journal of Economic Behavior & Organization, Elsevier, vol. 49(1), pages 79-96, September.
  4. Lazaro, Angelina & Barberan, Ramon & Rubio, Encarnacion, 2002. "The discounted utility model and social preferences:: Some alternative formulations to conventional discounting," Journal of Economic Psychology, Elsevier, vol. 23(3), pages 317-337, June.
  5. Takeuchi, Kan, 2011. "Non-parametric test of time consistency: Present bias and future bias," Games and Economic Behavior, Elsevier, vol. 71(2), pages 456-478, March.
  6. Newell, Richard G. & Siikamäki, Juha, 2013. "Nudging Energy Efficiency Behavior: The Role of Information Labels," Discussion Papers dp-13-17, Resources For the Future.
  7. Arthur E. Attema & Matthijs M. Versteegh, 2013. "Would You Rather Be Ill Now, Or Later?," Health Economics, John Wiley & Sons, Ltd., vol. 22(12), pages 1496-1506, December.
  8. Francis Asenso-Boadi & Tim J. Peters & Joanna Coast, 2008. "Exploring differences in empirical time preference rates for health: an application of meta-regression," Health Economics, John Wiley & Sons, Ltd., vol. 17(2), pages 235-248.
  9. Diane Dawson & Hugh Gravelle & Mary O'Mahony & Andrew Street & Martin Weale & Adriana Castelli & Rowena Jacobs & Paul Kind & Pete Loveridge & Stephen Martin & Philip Stevens & Lucy Stokes, 2005. "Developing new approaches to measuring NHS outputs and productivity," Working Papers 006cherp, Centre for Health Economics, University of York, revised Dec 2005.
  10. Miraldo, M & Galizzi, M & Stavropoulou, C, 2013. "Doctor-patient differences in risk preferences, and their links to decision-making: a field experiment," Working Papers 12578, Imperial College, London, Imperial College Business School.

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