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Research Note: Assessing Household Service Losses with Joint Survival Probabilities

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Author Info

  • Victor Matheson

    ()
    (Department of Economics, College of the Holy Cross)

  • Robert Baade

    ()
    (Department of Economics and Business, Lake Forest College)

Abstract

Traditional analyses of household service losses in personal injury and wrongful death litigation calculate the losses over the expected lifetime of the injured or deceased individual. In fact, the losses to the surviving family members are more accurately described by using joint survival probabilities of the injured or deceased person and their survivors, or a “joint life expectancy.” The use of joint probabilities will always serve to reduce expected household service losses and these reductions can be especially significant when the deceased is significantly younger than the surviving spouse or if the survivor has a relatively low remaining life expectancy.

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File URL: http://college.holycross.edu/RePEc/hcx/Matheson_HouseholdServices.pdf
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Bibliographic Info

Paper provided by College of the Holy Cross, Department of Economics in its series Working Papers with number 0611.

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Length: 10 pages
Date of creation: Dec 2006
Date of revision:
Publication status: Published in Journal of Forensic Economics, Vol. 20:2, October 2008, 187-192.
Handle: RePEc:hcx:wpaper:0611

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Keywords: forensic economics; household services;

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  1. Zak, Thomas A & Huang, Cliff J & Siegfried, John J, 1979. "Production Efficiency: The Case of Professional Basketball," The Journal of Business, University of Chicago Press, vol. 52(3), pages 379-92, July.
  2. Scott E. Atkinson & Linda R. Stanley & John Tschirhart, 1988. "Revenue Sharing as an Incentive in an Agency Problem: An example from the National Football League," RAND Journal of Economics, The RAND Corporation, vol. 19(1), pages 27-43, Spring.
  3. Berri, David J. & Schmidt, Martin B., 2002. "Instrumental versus bounded rationality: a comparison of Major League Baseball and the National Basketball Association," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 31(3), pages 191-214.
  4. Stefan Szymanski, 2003. "The Economic Design of Sporting Contests," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1137-1187, December.
  5. David J. Berri, 1999. "Who is 'most valuable'? Measuring the player's production of wins in the National Basketball Association," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 20(8), pages 411-427.
  6. Grier, Kevin B & Tollison, Robert D, 1990. "Arbitrage in a Basketball Economy," Kyklos, Wiley Blackwell, vol. 43(4), pages 611-24.
  7. Hofler, Richard A. & Payne, James E., 1997. "Measuring efficiency in the National Basketball Association1," Economics Letters, Elsevier, vol. 55(2), pages 293-299, August.
  8. Scully, Gerald W, 1974. "Pay and Performance in Major League Baseball," American Economic Review, American Economic Association, vol. 64(6), pages 915-30, December.
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