On the Value of Changes in Life Expectancy
AbstractIn this note the value of parametric changes in hazard rates is analyzed. Two different kinds of changes, sudden or 'blip' changes and persistent changes, respectively, are considered within a model in which both the marginal rate of time preference and the survival probability are age-dependent. Numerical simulations are used to illustrate the fact that the magnitude of the pure time preference determines the age- profile of the value of parametric changes in the survival probability. The value of such changes is decreasing or increasing in age depending on the magnitude of the time preference.
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Bibliographic InfoPaper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 51.
Length: 21 pages
Date of creation: Apr 1995
Date of revision:
Publication status: Published in Journal of Health Economics, 1996, pages 105-113
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Comparative dynamics; risk; age-dependency;
Find related papers by JEL classification:
- I10 - Health, Education, and Welfare - - Health - - - General
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
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