Living Healthy and Living Long: Valuing the Nonpecuniary Loss from Disability and Death |
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Authors: | Perreira Krista M. Sloan Frank A. |
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Affiliation: | (1) University of North Carolina, Chapel Hill;(2) Duke University and National Bureau of Economic Research, USA |
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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. |
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Keywords: | disability value of life activities of daily living contingent valuation risk– risk tradeoff risk– dollar tradeoff |
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