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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. Alberto Bennardo & Salvatore Piccolo, 2014. "Competitive Markets With Endogenous Health Risks," Journal of the European Economic Association, European Economic Association, European Economic Association, vol. 12(3), pages 755-790, 06.
  2. Glenn C. Blomquist, 2003. "Self Protection and Averting Behavior, Values of Statistical Lives, and Benefit Cost Analysis of Environmental Policy," NCEE Working Paper Series, National Center for Environmental Economics, U.S. Environmental Protection Agency 200302, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Mar 2003.
  3. Jonathan Gruber, 1996. "Health Insurance for Poor Women and Children in the U.S.: Lessons from the Past Decade," NBER Working Papers 5831, National Bureau of Economic Research, Inc.
  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. Kenkel, Don, 1997. "On valuing morbidity, cost-effectiveness analysis, and being rude," Journal of Health Economics, Elsevier, Elsevier, vol. 16(6), pages 749-757, December.
  6. Elisa Cavatorta, 2010. "A competing risk model for health and food insecurity in the West Bank," Birkbeck Working Papers in Economics and Finance, Birkbeck, Department of Economics, Mathematics & Statistics 1013, Birkbeck, Department of Economics, Mathematics & Statistics.
  7. 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., John Wiley & Sons, Ltd., vol. 11(1), pages 55-70.
  8. Cavatorta, Elisa & Pieroni, Luca, 2013. "Background risk of food insecurity and insurance behaviour: Evidence from the West Bank," Food Policy, Elsevier, Elsevier, vol. 43(C), pages 278-290.
  9. Galizzi, Monica & Zagorsky, Jay L., 2009. "How do on-the-job injuries and illnesses impact wealth?," Labour Economics, Elsevier, Elsevier, vol. 16(1), pages 26-36, January.
  10. Alberto Bennardo & Salvatore Piccolo, 2005. "Competitive occupational choices with endogenous health risks," Levine's Working Paper Archive 784828000000000199, David K. Levine.
  11. 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, Elsevier, vol. 21(5), pages 827-843, September.
  12. W. Viscusi & William Evans, 2006. "Behavioral Probabilities," Journal of Risk and Uncertainty, Springer, Springer, vol. 32(1), pages 5-15, January.

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