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Valuing Human Life: Estimating the Present Value of Lifetime Earnings, 2000

Author

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  • Max, Wendy Ph.D.
  • Rice, Dorothy P
  • Sung, Hai-Yen
  • Michel, Martha

Abstract

Objectives. This paper describes the methodology for estimating the present value of lifetime earnings (PVLE) for the year 2000. Methods. Estimation takes into account life expectancy by gender and age group, percent of people in the labor force or keeping house, current pattern of earnings at successive ages, an imputed value for household production, and the discount rate. Results. At a discount rate of 3 percent, males and females aged 20-24 have the highest PVLE — $1,517,045 and $1,085,188 respectively. Lifetime earnings for men are higher than for women. Higher discount rates yield lower values at all ages. Conclusions. The present value of lifetime earnings yields useful estimates of the valueof life. These estimates are conservative compared with other approaches.

Suggested Citation

  • Max, Wendy Ph.D. & Rice, Dorothy P & Sung, Hai-Yen & Michel, Martha, 2004. "Valuing Human Life: Estimating the Present Value of Lifetime Earnings, 2000," University of California at San Francisco, Center for Tobacco Control Research and Education qt82d0550k, Center for Tobacco Control Research and Education, UC San Francisco.
    • Handle: RePEc:cdl:ctcres:qt82d0550k
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    Cited by:

    1. Paul E. Greenberg & Andree-Anne Fournier & Tammy Sisitsky & Mark Simes & Richard Berman & Sarah H. Koenigsberg & Ronald C. Kessler, 2021. "The Economic Burden of Adults with Major Depressive Disorder in the United States (2010 and 2018)," PharmacoEconomics, Springer, vol. 39(6), pages 653-665, June.
    2. Henrik Andersson & Nicolas Treich, 2011. "The Value of a Statistical Life," Chapters, in: André de Palma & Robin Lindsey & Emile Quinet & Roger Vickerman (ed.), A Handbook of Transport Economics, chapter 17, Edward Elgar Publishing.
    3. Andersson, Henrik, 2013. "Consistency in preferences for road safety: An analysis of precautionary and stated behavior," Research in Transportation Economics, Elsevier, vol. 43(1), pages 41-49.
    4. Delphine Hu & Stefano M Bertozzi & Emmanuela Gakidou & Steve Sweet & Sue J Goldie, 2007. "The Costs, Benefits, and Cost-Effectiveness of Interventions to Reduce Maternal Morbidity and Mortality in Mexico," PLOS ONE, Public Library of Science, vol. 2(8), pages 1-10, August.
    5. Santini, Ziggi Ivan & Thygesen, Lau Caspar & Koyanagi, Ai & Stewart-Brown, Sarah & Meilstrup, Charlotte & Nielsen, Line & Olsen, Kim Rose & Birkjær, Michael & McDaid, David & Koushede, Vibeke & Ekholm, 2022. "Economics of mental wellbeing: a prospective study estimating associated productivity costs due to sickness absence from the workplace in Denmark," LSE Research Online Documents on Economics 116690, London School of Economics and Political Science, LSE Library.
    6. Durr-e-Nayab & Muhammad Nasir & Junaid Alam Memon & Omer Siddique, 2021. "The Economic Cost of Tobacco-Induced Diseases in Pakistan," PIDE Research Report 2021:2, Pakistan Institute of Development Economics.
    7. Charles Griffiths & Al McGartland & Maggie Miller, 2006. "A Note on Trasande et al., “Public Health and Economic Consequences of Methylmercury Toxicity to the Developing Brain”," NCEE Working Paper Series 200602, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Apr 2006.
    8. Furmanov, Kirill & Chernysheva, Irina, 2012. "Health and job search in Russia," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 26(2), pages 62-91.
    9. Susan F Rumisha & Janeth George & Veneranda M Bwana & Leonard E G Mboera, 2020. "Years of potential life lost and productivity costs due to premature mortality from six priority diseases in Tanzania, 2006-2015," PLOS ONE, Public Library of Science, vol. 15(6), pages 1-18, June.

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