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Living healthy and living long: Valuing the nonpecuniary loss from disability and death

Publication ,  Journal Article
Perreira, KM; Sloan, FA
Published in: Journal of Risk and Uncertainty
December 1, 2002

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.

Duke Scholars

Published In

Journal of Risk and Uncertainty

DOI

ISSN

0895-5646

Publication Date

December 1, 2002

Volume

24

Issue

1

Start / End Page

5 / 29

Related Subject Headings

  • Economics
  • 3802 Econometrics
  • 3801 Applied economics
  • 3502 Banking, finance and investment
  • 1502 Banking, Finance and Investment
  • 1402 Applied Economics
 

Citation

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Chicago
ICMJE
MLA
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Perreira, K. M., & Sloan, F. A. (2002). Living healthy and living long: Valuing the nonpecuniary loss from disability and death. Journal of Risk and Uncertainty, 24(1), 5–29. https://doi.org/10.1023/A:1013234309490
Perreira, K. M., and F. A. Sloan. “Living healthy and living long: Valuing the nonpecuniary loss from disability and death.” Journal of Risk and Uncertainty 24, no. 1 (December 1, 2002): 5–29. https://doi.org/10.1023/A:1013234309490.
Perreira KM, Sloan FA. Living healthy and living long: Valuing the nonpecuniary loss from disability and death. Journal of Risk and Uncertainty. 2002 Dec 1;24(1):5–29.
Perreira, K. M., and F. A. Sloan. “Living healthy and living long: Valuing the nonpecuniary loss from disability and death.” Journal of Risk and Uncertainty, vol. 24, no. 1, Dec. 2002, pp. 5–29. Scopus, doi:10.1023/A:1013234309490.
Perreira KM, Sloan FA. Living healthy and living long: Valuing the nonpecuniary loss from disability and death. Journal of Risk and Uncertainty. 2002 Dec 1;24(1):5–29.
Journal cover image

Published In

Journal of Risk and Uncertainty

DOI

ISSN

0895-5646

Publication Date

December 1, 2002

Volume

24

Issue

1

Start / End Page

5 / 29

Related Subject Headings

  • Economics
  • 3802 Econometrics
  • 3801 Applied economics
  • 3502 Banking, finance and investment
  • 1502 Banking, Finance and Investment
  • 1402 Applied Economics