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The subjective costs of health losses due to chronic diseases. An alternative model for monetary appraisal

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Author Info
Ada Ferrer-i-Carbonell (Faculty of Economics and Econometrics and SEO Amsterdam Economics, University of Amsterdam, The Netherlands)
Bernard M.S. van Praag (Faculty of Economics and Econometrics, University of Amsterdam, The Netherlands)

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Abstract

This paper proposes a method to evaluate health losses or gains by looking at the impact on well-being of a change in health status. The paper presents estimates of the equivalent income change that would be necessary to change general satisfaction with life to the same extent as a change in health satisfaction would do. In other words, the income equivalent of health satisfaction changes is estimated. Next, this health satisfaction changes are linked to specific diseases in order to estimate the income equivalent for these diseases. This method uses answers to well-being and health satisfaction questions as posed in a large German data set, distinguishing between workers and non-workers and between East and West Germans. It is found, for instance, that for West-German workers hearing impediments are on average equivalent to an income reduction of about 20%, and that heart or blood difficulties are for the same group equivalent to a 47% income reduction. Copyright © 2002 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/hec.696
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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Health Economics.

Volume (Year): 11 (2002)
Issue (Month): 8 ()
Pages: 709-722
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Handle: RePEc:wly:hlthec:v:11:y:2002:i:8:p:709-722

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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/5749

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Oswald, Andrew, 1997. "Happiness and Economic Performance," The Warwick Economics Research Paper Series (TWERPS) 478, University of Warwick, Department of Economics. [Downloadable!]
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  2. Mundlak, Yair, 1978. "On the Pooling of Time Series and Cross Section Data," Econometrica, Econometric Society, vol. 46(1), pages 69-85, January. [Downloadable!] (restricted)
  3. Hunt, Jennifer, 1999. "Determinants of Non-Employment and Unemployment Durations in East Germany," CEPR Discussion Papers 2182, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  4. Jennifer Hunt, 2000. "Why Do People Still Live in East Germany?," Discussion Papers of DIW Berlin 201, DIW Berlin, German Institute for Economic Research. [Downloadable!]
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  5. G. Ardine De Wit & Jan J.V. Busschbach & Frank Th. De Charro, 2000. "Sensitivity and perspective in the valuation of health status: whose values count?," Health Economics, John Wiley & Sons, Ltd., vol. 9(2), pages 109-126.
  6. James P. Smith, 1999. "Healthy Bodies and Thick Wallets: The Dual Relation between Health and Economic Status," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 145-166, Spring. [Downloadable!] (restricted)
  7. Terza, Joseph V., 1987. "Estimating linear models with ordinal qualitative regressors," Journal of Econometrics, Elsevier, vol. 34(3), pages 275-291, March. [Downloadable!] (restricted)
  8. Samuelson, Paul A, 1974. "Complementarity-An Essay on the 40th Anniversary of the Hicks-Allen Revolution in Demand Theory," Journal of Economic Literature, American Economic Association, vol. 12(4), pages 1255-89, December. [Downloadable!] (restricted)
  9. Bruno S. Frey & Alois Stutzer, 1999. "Measuring Preferences by Subjective Well-Being," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 127(4), pages 755-, December.
  10. B.M.S. van Praag & P. Frijters & A. Ferrer-i-Carbonell, 2000. "A Structural Model of Well-being: with an application to German Data," Tinbergen Institute Discussion Papers 00-053/3, Tinbergen Institute. [Downloadable!]
  11. Groot, Wim, 2000. "Adaptation and scale of reference bias in self-assessments of quality of life," Journal of Health Economics, Elsevier, vol. 19(3), pages 403-420, May. [Downloadable!] (restricted)
  12. Clark, Andrew E & Oswald, Andrew J, 1994. "Unhappiness and Unemployment," Economic Journal, Royal Economic Society, vol. 104(424), pages 648-59, May. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Bernard M.S. van Praag & B.E. Baarsma, 2004. "Using Happiness Surveys to value Intangibles; the Case of Airport Noise," Tinbergen Institute Discussion Papers 04-024/3, Tinbergen Institute. [Downloadable!]
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  2. Frijters, Paul & Johnston, David W. & Shields, Michael A., 2008. "Happiness Dynamics with Quarterly Life Event Data," IZA Discussion Papers 3604, Institute for the Study of Labor (IZA). [Downloadable!]
  3. Andrew Clark & Fabrice Etilé, 2003. "Health Changes and Smoking: An Economic Analysis," DELTA Working Papers 2003-13, DELTA (Ecole normale supérieure). [Downloadable!]
  4. Andrew J. Oswald & Nattavudh Powdthavee, 2007. "Death, Happiness, and the Calculation of Compensatory Damages," IZA Discussion Papers 3159, Institute for the Study of Labor (IZA). [Downloadable!]
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  5. Paul Frijters & John P. Haisken-DeNew & Michael A. Shields, 2004. "Money Does Matter! Evidence from Increasing Real Income and Life Satisfaction in East Germany following Reunification," American Economic Review, American Economic Association, vol. 94(3), pages 730-740, June. [Downloadable!] (restricted)
  6. Bernard M.S. van Praag, 2007. "Perspectives from the Happiness Literature and the Role of New Instruments for Policy Analysis," Tinbergen Institute Discussion Papers 07-049/3, Tinbergen Institute. [Downloadable!]
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