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On the Value of Changes in Life Expectancy

Author

Listed:
  • Johansson, Per-Olov

    (Dept. of Economics, Stockholm School of Economics)

Abstract

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
    as

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    More about this item

    Keywords

    Comparative dynamics; risk; age-dependency;
    All these keywords.

    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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