Are Some Lives More Valuable?
AbstractA theoretical model of the ethical preferences of individuals is tested by conducting a choice experiment on safety-enhancing road investments. The relative value of a saved life is found to decrease with age, such that the present value of a saved year of life is almost independent of age at a pure rate of time preference of a few percent, and a saved car driver is valued 17-31% lower than a pedestrian of the same age. Moreover, individuals’ ethical preferences seem to be fairly homogenous.
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Bibliographic InfoPaper provided by University of Gothenburg, Department of Economics in its series Working Papers in Economics with number 96.
Length: 19 pages
Date of creation: 28 Mar 2003
Date of revision:
Publication status: Published in Journal of Health Economics, 2008, pages 739-752.
Note: Published in Journal of Health Economics, 2208, Vol. 27, pp. 739-752.
Contact details of provider:
Postal: Department of Economics, School of Business, Economics and Law, University of Gothenburg, Box 640, SE 405 30 GÖTEBORG, Sweden
Phone: 031-773 10 00
Web page: http://www.handels.gu.se/econ/
More information through EDIRC
Ethics; social preferences; individual social welfare function; relative value of life; random ethical model;
Find related papers by JEL classification:
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
- J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-04-02 (All new papers)
- NEP-DCM-2003-04-02 (Discrete Choice Models)
- NEP-HEA-2003-04-02 (Health Economics)
- NEP-LTV-2003-04-02 (Unemployment, Inequality & Poverty)
- NEP-MIC-2003-04-02 (Microeconomics)
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