dc.contributor.author | Aldy, Joseph Edgar | |
dc.contributor.author | Smyth, Seamus J | |
dc.date.accessioned | 2015-10-06T17:24:15Z | |
dc.date.issued | 2014 | |
dc.identifier.citation | Aldy, Joseph Edgar 2014. Heterogeneity in the Value of Life. HKS Faculty Research Working Paper Series RWP14-024, John F. Kennedy School of Government, Harvard University. | en_US |
dc.identifier.uri | http://nrs.harvard.edu/urn-3:HUL.InstRepos:23017248 | |
dc.description.abstract | We develop a numerical life-cycle model - with choice over consumption and leisure, stochastic mortality and labor income processes, and calibrated to U.S. data - to characterize willingness to pay (WTP) for mortality risk reduction. Our theoretical framework can explain many empirical findings in this literature, including an inverted-U life-cycle WTP and an order of magnitude difference in prime-aged adults WTP. By endogenizing leisure and employing multiple income measures, we reconcile the literature's large variation in estimated income elasticities. By accounting for gender-and race-specific stochastic mortality and income processes,we explain the literature's black-white and female-male differences. | en_US |
dc.language.iso | en_US | en_US |
dc.relation.hasversion | https://research.hks.harvard.edu/publications/workingpapers/citation.aspx?PubId=9419&type=FN&PersonId=255 | en_US |
dash.license | LAA | |
dc.subject | value of statistical life | en_US |
dc.subject | mortality risk reduction | en_US |
dc.subject | income elasticity | en_US |
dc.title | Heterogeneity in the Value of Life | en_US |
dc.type | Research Paper or Report | en_US |
dc.description.version | Author's Original | en_US |
dc.relation.journal | HKS Faculty Research Working Paper Series | en_US |
dash.depositing.author | Aldy, Joseph Edgar | |
dc.date.available | 2015-10-06T17:24:15Z | |
dash.authorsordered | false | |
dash.contributor.affiliated | Aldy, Joseph | |