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Income Effects and the Value of Health

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  • William N. Evans
  • W. Kip Viscusi

Abstract

Although valuations of risk should increase with income, hedonic wage studies have not been well suited to assessing this relationship. Using survey data on consumer valuations of product safety, this paper analyzes the role of income effects for several utility functions. The methodology developed in this paper assesses the effect of income on the certainty equivalent value of the health effect (income elasticities range from 0.18 to 0.39) and on the risk-money tradeoff for small changes in risk (income elasticities range from 0.17 to 0.38). Health status is a normal economic good.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Journal of Human Resources.

Volume (Year): 28 (1993)
Issue (Month): 3 ()
Pages: 497-518

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Handle: RePEc:uwp:jhriss:v:28:y:1993:i:3:p:497-518

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Web page: http://jhr.uwpress.org/

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Cited by:
  1. Jonathan Gruber, 1997. "Health Insurance for Poor Women and Children in the U.S.: Lessons from the Past Decade," NBER Chapters, in: Tax Policy and the Economy, Volume 11, pages 169-211 National Bureau of Economic Research, Inc.
  2. Kenkel, Don, 1997. "On valuing morbidity, cost-effectiveness analysis, and being rude," Journal of Health Economics, Elsevier, vol. 16(6), pages 749-757, December.
  3. W. Viscusi & William Evans, 2006. "Behavioral Probabilities," Journal of Risk and Uncertainty, Springer, vol. 32(1), pages 5-15, January.
  4. Justina A.V. Fischer & Benno Torgler, 2006. "The Effect of Relative Income Position on Social Capital," Economics Bulletin, AccessEcon, vol. 26(4), pages 1-20.
  5. Elisa Cavatorta & Luca Pieroni, 2013. "Background Risk of Food Insecurity and Insurance Behaviour: Evidence from the West Bank," Working Paper Series 06_13, The Rimini Centre for Economic Analysis.
  6. Alberto Bennardo & Salvatore Piccolo, 2005. "Competitive Markets with Endogenous Health Risks," CSEF Working Papers 145, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 01 Mar 2008.
  7. Dolan, Paul & Edlin, Richard, 2002. "Is it really possible to build a bridge between cost-benefit analysis and cost-effectiveness analysis?," Journal of Health Economics, Elsevier, vol. 21(5), pages 827-843, September.
  8. Cam Donaldson & Stephen Birch & Amiram Gafni, 2002. "The distribution problem in economic evaluation: income and the valuation of costs and consequences of health care programmes," Health Economics, John Wiley & Sons, Ltd., vol. 11(1), pages 55-70.
  9. Glenn C. Blomquist, 2004. "Self-Protection and Averting Behavior, Values of Statistical Lives, and Benefit Cost Analysis of Environmental Policy," Review of Economics of the Household, Springer, vol. 2(1), pages 89-110, 03.
  10. Alberto Bennardo & Salvatore Piccolo, 2005. "Competitive occupational choices with endogenous health risks," Levine's Working Paper Archive 784828000000000199, David K. Levine.
  11. Cavatorta, Elisa & Pieroni, Luca, 2010. "A Competing Risk Model for Health and Food Insecurity in the West Bank," MPRA Paper 25555, University Library of Munich, Germany.
  12. Galizzi, Monica & Zagorsky, Jay L., 2009. "How do on-the-job injuries and illnesses impact wealth?," Labour Economics, Elsevier, vol. 16(1), pages 26-36, January.

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