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The Subjective Costs of Health Losses due to Chronic Diseases

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

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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 orkers 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.

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Publisher Info
Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 02-023/3.

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Date of creation: 19 Feb 2002
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Handle: RePEc:dgr:uvatin:20020023

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Related research
Keywords: chronic diseases; equivalent income; health damages; health satisfaction; well-being;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
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!]
    Other versions:
  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)
    Other versions:
  4. James J. Heckman, 1976. "The Common Structure of Statistical Models of Truncation, Sample Selection and Limited Dependent Variables and a Simple Estimator for Such Models," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 5, number 4, pages 120-137 National Bureau of Economic Research, Inc. [Downloadable!]
  5. 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!]
    Other versions:
  6. 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.
  7. 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)
  8. Terza, Joseph V., 1987. "Estimating linear models with ordinal qualitative regressors," Journal of Econometrics, Elsevier, vol. 34(3), pages 275-291, March. [Downloadable!] (restricted)
  9. 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)
  10. Bruno S. Frey & Alois Stutzer, 1999. "Measuring Preferences by Subjective Well-Being," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 155(4), pages 755-778, December. [Downloadable!] (restricted)
  11. Hurley, Jeremiah, 2000. "An overview of the normative economics of the health sector," Handbook of Health Economics, in: A. J. Culyer & J. P. Newhouse (ed.), Handbook of Health Economics, edition 1, volume 1, chapter 2, pages 55-118 Elsevier. [Downloadable!] (restricted)
  12. 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)
  13. Clark, Andrew E & Oswald, Andrew J, 1994. "Unhappiness and Unemployment," Economic Journal, Royal Economic Society, vol. 104(424), pages 648-59, May. [Downloadable!] (restricted)
Full references

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. Ada Ferrer-i-Carbonell & Bernard M.S. Van Praag, 2002. "Income Satisfaction Inequality and its Causes," Tinbergen Institute Discussion Papers 02-014/3, Tinbergen Institute. [Downloadable!]
    Other versions:
  2. D. Verhaest & E. Omey, 2008. "Objective overeducation and worker well-being: a shadow price approach," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 08/514, Ghent University, Faculty of Economics and Business Administration. [Downloadable!]
  3. Paul Frijters & John P. Haisken-DeNew & Michael Shields, 2003. "How Well Do Individuals Predict Their Future Life Satisfaction? Rationality and Learning Following a Nationwide Exogenous Shock," CEPR Discussion Papers 468, Centre for Economic Policy Research, Research School of Social Sciences, Australian National University. [Downloadable!]
  4. Ada Ferrer-i-Carbonell, 2002. "Income and Well-being," Tinbergen Institute Discussion Papers 02-019/3, Tinbergen Institute. [Downloadable!]
  5. John M. Gowdy, 2004. "Toward a New Welfare Foundation for Sustainability," Rensselaer Working Papers in Economics 0401, Rensselaer Polytechnic Institute, Department of Economics. [Downloadable!]
  6. Andrew Clark & Fabrice Etilé, 2003. "Health Changes and Smoking: An Economic Analysis," DELTA Working Papers 2003-13, DELTA (Ecole normale supérieure). [Downloadable!]
  7. repec:dgr:uvatin:20020022 is not listed on IDEAS
  8. repec:dgr:uvatin:20040053 is not listed on IDEAS
  9. Esperanza Vera-Toscano & Victoria Ateca-Amestoy & Rafael Serrano-del-Rosal, 2004. "Building Financial Satisfaction," IESA Working Papers Series 0412, Institute for Social Syudies of Andalusia - Higher Council for Scientific Research. [Downloadable!]
  10. Bernard van den Berg & Ada Ferrer-i-Carbonell, 2007. "Monetary valuation of informal care: the well-being valuation method," Health Economics, John Wiley & Sons, Ltd., vol. 16(11), pages 1227-1244. [Downloadable!]
  11. Bernard M. S. van Praag & P. Frijters & Ada Ferrer-i-Carbonell, 2001. "The Anatomy of Subjective Well-Being," Discussion Papers of DIW Berlin 265, DIW Berlin, German Institute for Economic Research. [Downloadable!]
    Other versions:
  12. van Praag, Bernard M. S., 2004. "The Connexion between Old and New Approaches to Financial Satisfaction," IZA Discussion Papers 1162, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  13. Wim Groot & Henriëtte Maassen van den Brink & Erik Plug, 2004. "Money for health: the equivalent variation of cardiovascular diseases," Health Economics, John Wiley & Sons, Ltd., vol. 13(9), pages 859-872. [Downloadable!]
  14. Groot, Wim & van den Brink, Henriette Maassen & Plug, Erik, 2002. "Money for Health: The Compensating Variation of Cardiovascular Diseases," IZA Discussion Papers 653, Institute for the Study of Labor (IZA). [Downloadable!]
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