IDEAS home Printed from https://ideas.repec.org/p/hcx/wpaper/0611.html
   My bibliography  Save this paper

Research Note: Assessing Household Service Losses with Joint Survival Probabilities

Author

Listed:
  • Victor Matheson

    () (Department of Economics, College of the Holy Cross)

  • Robert Baade

    () (Department of Economics and Business, Lake Forest College)

Abstract

Traditional analyses of household service losses in personal injury and wrongful death litigation calculate the losses over the expected lifetime of the injured or deceased individual. In fact, the losses to the surviving family members are more accurately described by using joint survival probabilities of the injured or deceased person and their survivors, or a “joint life expectancy.” The use of joint probabilities will always serve to reduce expected household service losses and these reductions can be especially significant when the deceased is significantly younger than the surviving spouse or if the survivor has a relatively low remaining life expectancy.

Suggested Citation

  • Victor Matheson & Robert Baade, 2006. "Research Note: Assessing Household Service Losses with Joint Survival Probabilities," Working Papers 0611, College of the Holy Cross, Department of Economics.
  • Handle: RePEc:hcx:wpaper:0611
    as

    Download full text from publisher

    File URL: http://web.holycross.edu/RePEc/hcx/HC0611-Matheson-Baade_HouseholdServices.pdf
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Scott E. Atkinson & Linda R. Stanley & John Tschirhart, 1988. "Revenue Sharing as an Incentive in an Agency Problem: An example from the National Football League," RAND Journal of Economics, The RAND Corporation, vol. 19(1), pages 27-43, Spring.
    2. Scully, Gerald W, 1974. "Pay and Performance in Major League Baseball," American Economic Review, American Economic Association, vol. 64(6), pages 915-930, December.
    3. David J. Berri, 1999. "Who is 'most valuable'? Measuring the player's production of wins in the National Basketball Association," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 20(8), pages 411-427.
    4. Zak, Thomas A & Huang, Cliff J & Siegfried, John J, 1979. "Production Efficiency: The Case of Professional Basketball," The Journal of Business, University of Chicago Press, vol. 52(3), pages 379-392, July.
    5. Grier, Kevin B & Tollison, Robert D, 1990. "Arbitrage in a Basketball Economy," Kyklos, Wiley Blackwell, vol. 43(4), pages 611-624.
    6. Stefan Szymanski, 2003. "The Economic Design of Sporting Contests," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1137-1187, December.
    7. Berri, David J. & Schmidt, Martin B., 2002. "Instrumental versus bounded rationality: a comparison of Major League Baseball and the National Basketball Association," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 31(3), pages 191-214.
    8. Hofler, Richard A. & Payne, James E., 1997. "Measuring efficiency in the National Basketball Association1," Economics Letters, Elsevier, vol. 55(2), pages 293-299, August.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    forensic economics; household services;

    JEL classification:

    • K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics
    • K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hcx:wpaper:0611. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Victor Matheson). General contact details of provider: http://edirc.repec.org/data/deholus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.