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The value of planned death

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  • Chan, Leo
  • Lien, Donald

Abstract

In this paper we propose a theoretical model of evaluating the economic costs and benefits of physician assisted suicide (euthanasia). The contemplation of euthanasia is modeled akin to the valuation of a real option. Our modeling of the decision shows that euthanasia is optimal when certain conditions are satisfied. The findings in this paper suggest that if more money is spent on medical research (such as pain management), the demand for Euthanasia could be reduced.

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  • Chan, Leo & Lien, Donald, 2010. "The value of planned death," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(6), pages 692-695, December.
    • Handle: RePEc:eee:soceco:v:39:y:2010:i:6:p:692-695
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    References listed on IDEAS

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    1. Hamermesh, Daniel S & Soss, Neal M, 1974. "An Economic Theory of Suicide," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 83-98, Jan.-Feb..
    2. Avinash K. Dixit & Robert S. Pindyck, 1994. "Investment under Uncertainty," Economics Books, Princeton University Press, edition 1, number 5474.
    3. W. Kip Viscusi, 2004. "The Value of Life: Estimates with Risks by Occupation and Industry," Economic Inquiry, Western Economic Association International, vol. 42(1), pages 29-48, January.
    4. Robert McDonald & Daniel Siegel, 1986. "The Value of Waiting to Invest," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 101(4), pages 707-727.
    5. Viscusi, W Kip, 1993. "The Value of Risks to Life and Health," Journal of Economic Literature, American Economic Association, vol. 31(4), pages 1912-1946, December.
    6. K. K. Fung, 1993. "Dying for Money," American Journal of Economics and Sociology, Wiley Blackwell, vol. 52(3), pages 275-289, July.
    7. Byrne, Margaret M. & Thompson, Peter, 2000. "Death and dignity: Terminal illness and the market for non-treatment," Journal of Public Economics, Elsevier, vol. 76(2), pages 263-294, May.
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    Cited by:

    1. David A Savage, 2016. "Those left behind: Euthanasia, suicide and other regarding preferences," Rationality and Society, , vol. 28(4), pages 439-452, November.
    2. Shin S. Ikeda, 2013. "A Contingent Claim Analysis of Suicide," GRIPS Discussion Papers 13-05, National Graduate Institute for Policy Studies.

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