Are Some Lives More Valuable?
A theoretical model of the ethical preferences of individuals is tested by conducting a choice experiment on safety-enhancing road investments. The relative value of a saved life is found to decrease with age, such that the present value of a saved year of life is almost independent of age at a pure rate of time preference of a few percent, and a saved car driver is valued 17-31% lower than a pedestrian of the same age. Moreover, individuals’ ethical preferences seem to be fairly homogenous.
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|Date of creation:||28 Mar 2003|
|Date of revision:|
|Publication status:||Published in Journal of Health Economics, 2008, pages 739-752.|
|Note:||Published in Journal of Health Economics, 2208, Vol. 27, pp. 739-752.|
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