To be,or not to be,that is the question: An empirical study of the WTP for an increased life expectancy at an advanced age |
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Authors: | Magnus Johannesson Per-Olov Johansson |
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Institution: | 1. Department of Economics, Stockholm School of Economics, S-113 83, Stockholm, Sweden 2. Department of Economics, Stockholm School of Economics, S-113 83, Stockholm, Sweden
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Abstract: | This study reports an attempt to measure the value of an increased survival probability at advanced ages. It turns out that the average willingness to pay for a program which would increase the expected length of life by one year, conditional on having survived to the age of 75 years, is lower than $1,500. The willingness to pay increases with a person's age, but at a low and seemingly constant rate (1–4 percent per year). |
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Keywords: | expected length of life time preference contingent valuation willingness to pay |
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