The Value of Changes in Life Expectancy
AbstractValuation formulas for age-specific mortality risks are derived from life-cycle allocation theory under uncertainty and related to empirical estimates of the value of life. A change in an age-specific mortality risk affects all subsequent survivor functions and reallocates consumption and labor supply over the entire life cycle. The value of eliminating a risk to life at a specific age is the expected present value of consumer surplus from that age forward. Approximate numerical extrapolations from cross-section estimates imply that values decrease rapidly in current age and in the distance between current age and age at risk. Copyright 1988 by Kluwer Academic Publishers
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Bibliographic InfoPaper provided by Chicago - Population Research Center in its series University of Chicago - Population Research Center with number 87-14.
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Publication status: Published in Journal of Risk and Uncertainty, v. 1, no. 3 (September 1988): 285-304
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