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Models for Estimating Discount Rates for Long-term Health Risks Using Labor Market Data

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Author Info
 Moore, Michael J
Viscusi, W Kip

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Abstract

This article utilizes evidence from job choices involving fatality risks to estimte individual discount rates for adverse health outcomes. The study compares the results from five distinct models for estimating discount rates from labor market data. The estimated discount rates range from 1 percent to 14 percent with confidence intervals that usually include financial market rates for the same period. This results, and consistent findings of significant compensating differentials for fatality risk, provide strong support for life-cycle models of individual rationality in the choice of job risks. Discounted value-of-life estimates are also developed and compared to the cross-section estimates that are more prevalent in the literature. Copyright 1990 by Kluwer Academic Publishers

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

Volume (Year): 3 (1990)
Issue (Month): 4 (December)
Pages: 381-401
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Handle: RePEc:kap:jrisku:v:3:y:1990:i:4:p:381-401

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  1. Joseph E. Aldy & W. Kip Viscusi, 2004. "Age Variations in Workers' Value of Statistical Life," NBER Working Papers 10199, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Aldy, Joseph E. & Viscusi, W. Kip, 2007. "Age Differences in the Value of Statistical Life: Revealed Preference Evidence," Discussion Papers dp-07-05, Resources For the Future. [Downloadable!]
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  3. Anna Alberini & Stefania Tonin & Margherita Turvani & Aline Chiabai, 2007. "Paying for permanence: Public preferences for contaminated site cleanup," Journal of Risk and Uncertainty, Springer, vol. 34(2), pages 155-178, April. [Downloadable!] (restricted)
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  4. Georges Dionne & Paul Lanoie, 2002. "How to Make a Public Choice About the Value of a Statistical Life: The Case of Road Safety," Cahiers de recherche 02-04, HEC Montréal, Institut d'économie appliquée. [Downloadable!]
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  5. Anna Alberini & Maureen Cropper & Alan Krupnick & Nathalie Simon, 2006. "Willingness to pay for mortality risk reductions: Does latency matter?," Journal of Risk and Uncertainty, Springer, vol. 32(3), pages 231-245, May. [Downloadable!] (restricted)
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  6. Fabrice Barthélémy & Timothy C.G. Fisher & Jocelyn Martel, 2006. "What Discount Rate Should Bankruptcy Judges Use? Estimates from Canadian Reorganization Data," THEMA Working Papers 2006-19, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise. [Downloadable!]
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  7. James Hammitt & Jin-Tan Liu, 2004. "Effects of Disease Type and Latency on the Value of Mortality Risk," Journal of Risk and Uncertainty, Springer, vol. 28(1), pages 73-95, January. [Downloadable!] (restricted)
  8. Viscusi, W. Kip & Aldy, Joseph, 2006. "Labor Market Estimates of the Senior Discount for the Value of Statistical Life," Discussion Papers dp-06-12, Resources For the Future. [Downloadable!]
    Other versions:
  9. F. Barthelemy & T. C.G. Fisher & J. Martel, 2004. "Estimates of Creditors' Discount Rates in Court-Supervised Reorganisation Decisions," THEMA Working Papers 2004-16, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise. [Downloadable!]
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