Valuation of human health: An integrated model of willingness to pay for mortality and morbidity risk reductions |
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Authors: | Shelby Gerking Mark Dickie Marcella Veronesi |
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Institution: | 1. Department of Economics, University of Central Florida, P.O. 1400, Orlando, FL 32816-1400, United States;2. Department of Economics/Tilburg Sustainability Center, Tilburg University, P.O. Box 90153, 5000 LE Tilburg, The Netherlands;3. Department of Economics, University of Verona, Vicolo Campofiore 2, 37129 Verona, Italy;4. Institute for Environmental Decisions, ETH Zurich, Switzerland |
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Abstract: | This paper develops and applies an integrated model of mortality and morbidity valuation that is consistent with the principles of welfare economics. To obtain the integrated model, the standard one-period expected utility model of one person facing the prospect of either being alive or dead is extended to incorporate (1) a third health state (sick) with a utility level that is intermediate to utility if healthy and utility if dead, (2) a family perspective in which a parent makes choices about risk exposure both for herself and for a child, and (3) a multi-period framework that allows for possible parent/child differences in illness latency. Monetary benefits of health risk reduction obtained from the integrated model are compared with those that would be computed using the standard model. The integrated model then is applied using data obtained from two field studies of skin cancer and leukemia to demonstrate how it can be used to estimate health benefits of reduced illness and death risks. |
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Keywords: | Q51 Q58 I12 |
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