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The Value of Changes in Life Expectancy

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  • Sherwin Rosen

Abstract

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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Suggested Citation

  • Sherwin Rosen, "undated". "The Value of Changes in Life Expectancy," University of Chicago - Population Research Center 87-14, Chicago - Population Research Center.
  • Handle: RePEc:fth:chiprc:87-14
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