The Value of Changes in Life Expectancy
Valuation formulas for age-specific mortality risks are derived from life-cycle allocation theory under uncertainty and related to empirical estimates of the value of life. A change in an age-specific mortality risk affects all subsequent survivor functions and reallocates consumption and labor supply over the entire life cycle. The value of eliminating a risk to life at a specific age is the expected present value of consumer surplus from that age forward. Approximate numerical extrapolations from cross-section estimates imply that values decrease rapidly in current age and in the distance between current age and age at risk. Copyright 1988 by Kluwer Academic Publishers
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|Publication status:||Published in Journal of Risk and Uncertainty, v. 1, no. 3 (September 1988): 285-304|
|Contact details of provider:|| Postal: University of Chicago. Population Research Center. NORC and the University of Chicago. 1155 E. 60th Street, Chicago, Illinois 60637.|
Web page: http://www.spc.uchicago.edu/prc/
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