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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
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    File URL: http://web.holycross.edu/RePEc/hcx/HC0611-Matheson-Baade_HouseholdServices.pdf
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    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.
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    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.
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    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

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