Demand for health risk reductions

A choice model based on utility in a sequence of prospective future health states permits us to generalize the concept of the value of statistical life (VSL). Our representative national survey asks individuals to choose between costly risk-reducing programs and the status quo in randomized stated c...

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Bibliographic Details
Published in:Journal of environmental economics and management 2013-01, Vol.65 (1), p.87-109
Main Authors: Cameron, Trudy Ann, DeShazo, J.R.
Format: Article
Language:English
Subjects:
Benchmarking
Benefit-cost analysis
Choice model
Cost engineering
Cost-benefit analysis
Decision making models
Decision models
Economics
Health
Health care
Illness profiles
Illnesses
Marginal utility
Morbidity risks
Mortality risks
Public health
Representative national survey
Risk
Risk management
Risk reduction
Risk valuation
Studies
Utilities
Utility functions
Value of a microrisk reduction
Value of a statistical life
Willingness to pay
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Summary:A choice model based on utility in a sequence of prospective future health states permits us to generalize the concept of the value of statistical life (VSL). Our representative national survey asks individuals to choose between costly risk-reducing programs and the status quo in randomized stated choice scenarios. Our model allows for separate marginal utilities for discounted net income and avoided illness years, post-illness years, and lost life-years. Our estimates permit calculation of overall willingness to pay to reduce risks for a wide variety of different prospective illness profiles. These can be benchmarked against the standard VSL as a special case.
ISSN:0095-0696
1096-0449
DOI:10.1016/j.jeem.2012.05.008