Using Choice Experiments to Measure Relative Values of Statistical Lives: Evidence from Bangladesh
AbstractBy assuming that an individual has preferences concerning different states of the world and these preferences can be described by an individual social welfare function, we explore the relative value of statistical life using survey data from Bangladesh. We apply a pair-wise choice experiment on life-saving programs to elicit individuals’ preferences regarding differences in the values of statistical lives related to age. We find that the relative value decreases strongly with age and that people have strong preferences for saving more life-years, rather than lives per se. Moreover, in specific follow-up questions, it is again elicited that a majority of the respondents believe that it is better, from a social point of view, to save younger individuals.
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Bibliographic InfoPaper provided by Centre for Economic Research, Keele University in its series Keele Economics Research Papers with number KERP 2006/02.
Length: 21 pages
Date of creation: Jan 2006
Date of revision:
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Postal: Department of Economics, University of Keele, Keele, Staffordshire, ST5 5BG - United Kingdom
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Postal: Centre for Economic Research, Research Institute for Public Policy and Management, Keele University, Staffordshire ST5 5BG - United Kingdom
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-2006-05-13 (All new papers)
- NEP-DCM-2006-05-13 (Discrete Choice Models)
- NEP-HEA-2006-05-13 (Health Economics)
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