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On the Value of Changes in Life Expectancy


  • Johansson, Per-Olov

    () (Dept. of Economics, Stockholm School of Economics)


In this note the value of parametric changes in hazard rates is analyzed. Two different kinds of changes, sudden or 'blip' changes and persistent changes, respectively, are considered within a model in which both the marginal rate of time preference and the survival probability are age-dependent. Numerical simulations are used to illustrate the fact that the magnitude of the pure time preference determines the age- profile of the value of parametric changes in the survival probability. The value of such changes is decreasing or increasing in age depending on the magnitude of the time preference.

Suggested Citation

  • Johansson, Per-Olov, 1995. "On the Value of Changes in Life Expectancy," SSE/EFI Working Paper Series in Economics and Finance 51, Stockholm School of Economics.
  • Handle: RePEc:hhs:hastef:0051

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    References listed on IDEAS

    1. Rosario Domingo & Héctor Pastori & Tabaré Vera, 1994. "Comportamiento estratégico de las empresas industriales frente a la apertura," Documentos de Trabajo (working papers) 0494, Department of Economics - dECON.
    2. Alvaro Forteza, 1994. "On the Political Economy of the Welfare State," Documentos de Trabajo (working papers) 0594, Department of Economics - dECON.
    3. María Inés Terra & Marcel Vaillant, 1994. "Cambios en el patrón de especialización regional. Viejas ventajas comparativas y nuevas economías de escala," Documentos de Trabajo (working papers) 0894, Department of Economics - dECON.
    4. María Inés Terra & Adriana Gigliotti, 1994. "Mercosur: localización de la producción. Un modelo de geografía económica," Documentos de Trabajo (working papers) 0794, Department of Economics - dECON.
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    More about this item


    Comparative dynamics; risk; age-dependency;

    JEL classification:

    • I10 - Health, Education, and Welfare - - Health - - - General
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis


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