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On the Value of Changes in Life Expectancy: Blips Versus Parametric Changes
Authors:Johannesson  Magnus  Johansson  Per-Olov  Löfgren  Karl-Gustaf
Institution:1.Department of Economics, Stockholm School of Economics, Stockholm, Sweden
;2.Department of Economics, University of Ume?, Sweden
;
Abstract:We estimate the value of a ‘blip’, i.e. an immediate small reduction, in the hazard rate for a random sample of Swedes. Since the risk reduction is age-independent (2 ‘extra saved lives’ out of 10,000 during the next year), we can examine how the value of a statistical life varies with age. We also show how blip data can be used to obtain a lower bound for the value of a permanent change in an individual's hazard rate. The value of a life exhibits an inverted-U shape with respect to age, peaking at the age of 40, and lies within the $3 to $7 million interval where most reasonable estimates are clustered according to Viscusi's (1992) survey.
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