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Living Healthy and Living Long: Valuing the Nonpecuniary Loss from Disability and Death

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  • Perreira, Krista M
  • Sloan, Frank A

Abstract

This analysis uses three valuation approaches--risk-risk tradeoff, paired risk-dollar comparison, and utility function estimation--to estimate the nonpecuniary cost associated with disability in late life. In addition, we obtain an estimate of the value of life using a paired risk-dollar comparison. The data were obtained from interviews with 548 persons using an iterative computerized questionnaire. Respondents reported a median value of life of $12 million. They were willing-to-pay .7-1.4 million to avoid disability in late life or approximately $47-$95 thousand for each year of disability over age 62. The results were robust to the valuation technique employed. Copyright 2002 by Kluwer Academic Publishers

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  • Perreira, Krista M & Sloan, Frank A, 2002. "Living Healthy and Living Long: Valuing the Nonpecuniary Loss from Disability and Death," Journal of Risk and Uncertainty, Springer, vol. 24(1), pages 5-29, January.
    • Handle: RePEc:kap:jrisku:v:24:y:2002:i:1:p:5-29
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    Cited by:

    1. Ahmed Khwaja & Frank Sloan & Yang Wang, 2009. "Do Smokers Value Their Health and Longevity Less?," Journal of Law and Economics, University of Chicago Press, vol. 52(1), pages 171-196, February.
    2. Gibson, John & Barns, Sandra & Cameron, Michael & Lim, Steven & Scrimgeour, Frank & Tressler, John, 2007. "The Value of Statistical Life and the Economics of Landmine Clearance in Developing Countries," World Development, Elsevier, vol. 35(3), pages 512-531, March.
    3. Cameron, Michael P. & Gibson, John & Helmers, Kent & Lim, Steven & Scrimgeour, Frank G. & Tressler, John & Vaddanak, Kien, 2005. "Value of Life and Measuring the Benefits of Landmine Clearance in Cambodia," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 137799, Australian Agricultural and Resource Economics Society.

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