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

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  • Johannesson, Magnus
  • Johansson, Per-Olov
  • Lofgren, Karl-Gustaf

Abstract

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. Copyright 1997 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 15 (1997)
Issue (Month): 3 (December)
Pages: 221-39

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Handle: RePEc:kap:jrisku:v:15:y:1997:i:3:p:221-39

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Web page: http://www.springerlink.com/link.asp?id=100299

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