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Using Choice Experiments to Measure Relative Values of Statistical Lives: Evidence from Bangladesh

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Author Info
Minhaj Mahmud () (Keele University, Centre for Economic Research and School of Economic and Management Studies)

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Abstract

By 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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File URL: http://www.keele.ac.uk/depts/ec/wpapers/kerp0602.pdf
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Publisher Info
Paper provided by Centre for Economic Research, Keele University in its series Keele Economics Research Papers with number KERP 2006/02.

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Length: 21 pages
Date of creation: Jan 2006
Date of revision:
Handle: RePEc:kee:kerpuk:2006/02

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Postal: Department of Economics, University of Keele, Keele, Staffordshire, ST5 5BG - United Kingdom
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Fax: +44 (0)1782 717577
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Web page: http://www.keele.ac.uk/depts/ec/cer/
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Postal: Centre for Economic Research, Research Institute for Public Policy and Management, Keele University, Staffordshire ST5 5BG - United Kingdom
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Web: http://www.keele.ac.uk/depts/ec/cer/pubs_kerps.htm

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Related research
Keywords: Social preference; choice experiment; life-saving programs; relative value of life; Bangladesh.;

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:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Johansson-Stenman, Olof & Martinsson, Peter, 2003. "Are Some Lives More Valuable?," Working Papers in Economics 96, Göteborg University, Department of Economics. [Downloadable!]
  2. Murray, Christopher J. L. & Acharya, Arnab K., 1997. "Understanding DALYs," Journal of Health Economics, Elsevier, vol. 16(6), pages 703-730, December. [Downloadable!] (restricted)
  3. Alan Williams, 1999. "Calculating the global burden of disease: time for a strategic reappraisal?," Health Economics, John Wiley & Sons, Ltd., vol. 8(1), pages 1-8.
  4. Weinstein, Milton C & Shepard, Donald S & Pliskin, Joseph S, 1980. "The Economic Value of Changing Mortality Probabilities: A Decision-Theoretic Approach," The Quarterly Journal of Economics, MIT Press, vol. 94(2), pages 373-96, March. [Downloadable!] (restricted)
  5. Aki Tsuchiya, 2000. "QALYs and ageism: philosophical theories and age weighting," Health Economics, John Wiley & Sons, Ltd., vol. 9(1), pages 57-68.
  6. Christopher J.L. Murray & Alan D. Lopez, 2000. "Progress and directions in refining the Global Burden of Disease approach: a response to Williams," Health Economics, John Wiley & Sons, Ltd., vol. 9(1), pages 69-82.
  7. Hammitt, James K & Graham, John D, 1999. "Willingness to Pay for Health Protection: Inadequate Sensitivity to Probability?," Journal of Risk and Uncertainty, Springer, vol. 18(1), pages 33-62, April. [Downloadable!] (restricted)
  8. Johannesson, Magnus & Johansson, Per-Olov, 1997. "Is the valuation of a QALY gained independent of age? Some empirical evidence," Journal of Health Economics, Elsevier, vol. 16(5), pages 589-599, October. [Downloadable!] (restricted)
  9. Williams, Alan & Cookson, Richard, 2000. "Equity in health," Handbook of Health Economics, in: A. J. Culyer & J. P. Newhouse (ed.), Handbook of Health Economics, edition 1, volume 1, chapter 35, pages 1863-1910 Elsevier. [Downloadable!] (restricted)
  10. W. Kip Viscusi & Joseph E. Aldy, 2003. "The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," NBER Working Papers 9487, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  11. Fredrik Carlsson & Peter Martinsson, 2003. "Design techniques for stated preference methods in health economics," Health Economics, John Wiley & Sons, Ltd., vol. 12(4), pages 281-294. [Downloadable!]
  12. Alan Williams, 2000. "Comments on the response by Murray and Lopez," Health Economics, John Wiley & Sons, Ltd., vol. 9(1), pages 83-86.
  13. Swait, Joffre & Adamowicz, Wiktor, 1996. "The Effect of Choice Environment and Task Demands on Consumer Behavior: Discriminating Between Contribution and Confusion," Staff Paper Series 24091, University of Alberta, Department of Rural Economy. [Downloadable!]
  14. Cropper, Maureen L & Aydede, Sema K & Portney, Paul R, 1994. "Preferences for Life Saving Programs: How the Public Discounts Time and Age," Journal of Risk and Uncertainty, Springer, vol. 8(3), pages 243-65, May.
  15. Gavin Mooney & Virginia Wiseman, 2000. "Burden of disease and priority setting," Health Economics, John Wiley & Sons, Ltd., vol. 9(5), pages 369-372.
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