Alternative approaches to valuing intangible health losses: the evidence for multiple sclerosis

Sloan, Frank A.; Viscusi, W. Kip; Chesson, Harrell W.; Conover, Christopher J.; Whetten‐Goldstein, Kathryn

doi:10.1016/s0167-6296(97)00025-8

Cited by 124 publications

(76 citation statements)

References 20 publications

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“…Intuitively, complementarity between consumption and health seems plausible, as many activities are enjoyable only when health is sufficiently good. Viscusi and Evans (1990), Sloan et al (1998), andFinkelstein et al (2008) report empirical evidence that the marginal utility of consumption increases with health. 8 We begin with the simplest case, the one-period model.…”

Section: The Geneva Risk and Insurance Reviewmentioning

confidence: 99%

Effects of Health and Longevity on Financial Risk Tolerance

Hammitt

Haninger

Treich

2009

Geneva Risk Insur Rev

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We investigate the effects of health and life expectancy on tolerance of financial risk. Using a standard life-cycle model, we find that the effects of health and life expectancy on preferences over lifetime-income risk are theoretically ambiguous. However, risk tolerance is independent of health and life expectancy when utility takes one of the standard (harmonic absolute risk aversion) functional forms or when optimal consumption is constant over time. Our empirical results, using data from a stated-preference survey (n¼2,795), suggest that financial risk tolerance is positively associated with both health and life expectancy; hence utility is not consistent with standard functional forms.

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Section: The Geneva Risk and Insurance Reviewmentioning

confidence: 99%

Effects of Health and Longevity on Financial Risk Tolerance

Hammitt

Haninger

Treich

2009

Geneva Risk Insur Rev

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“…First, the utility value of a prevented illness must depend only on the size of the health improvement, and second, the ability of an individual to enjoy wealth cannot be affected by illness. The latter of these conditions is highly counter-intuitive and is not supported by empirical evidence (see Evans andViscusi 1993 andSloan et al 1998), making any link between CBA and CEA of the sort Johannesson and Meltzer propose untenable.…”

Section: Relaxing the Constant Income Assumptionmentioning

confidence: 99%

Is it really possible to build a bridge between cost-benefit analysis and cost-effectiveness analysis?

Dolan

Edlin

2002

Journal of Health Economics

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Economists have attempted to build a welfare economic bridge between cost-benefit analysis and cost effectiveness analysis in order to give the latter a basis in welfare economics. This paper develops these attempts and finds that highly unrealistic assumptions are necessary to facilitate the constant willingness-to-pay per unit of health outcome such a bridge requires.We develop an impossibility theorem that shows it is not possible to link CBA and CEA if:(i) the axioms of expected utility theory hold; (ii) the QALY model is valid in a welfare economic sense; and (iii) illness affects the ability to enjoy consumption. We conclude that, within a welfare economic framework, it would be unwise to rely on a link between CBA and CEA in economic evaluations. JEL Classification: I101 We wish to thank Martin Jones, Jan Abel Olsen and Mark Sculpher for their detailed comments on earlier drafts of this paper. We are also grateful for comments received from participants at various seminars, particularly those at the Universities of Sheffield and Newcastle.

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“…consumption at older ages becomes more attractive in such a case (see, e.g., Viscusi and Evans, 1990;Sloan et al, 1998;Domeij and Johannesson, 2006).…”

Section: Individualsmentioning

confidence: 99%

Nonlinear Dynamics in an OLG Growth Model with Young and Old Age Labour Supply: The Role of Public Health Expenditure

Gori

Sodini

2011

Comput Econ

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This paper analyses the dynamics of a two-dimensional overlapping generations model with young and old age labour supply. It is shown that the public provision of health investments, which, in turn, affects the demand for material consumption, may represent a source of local indeterminacy, nonlinear dynamics and multiplicity of equilibria. Furthermore, global indeterminacy may also occur because of the co-existence of two attractors with tangled basins of attraction.

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Alternative approaches to valuing intangible health losses: the evidence for multiple sclerosis

Cited by 124 publications

References 20 publications

Effects of Health and Longevity on Financial Risk Tolerance

Effects of Health and Longevity on Financial Risk Tolerance

Is it really possible to build a bridge between cost-benefit analysis and cost-effectiveness analysis?

Nonlinear Dynamics in an OLG Growth Model with Young and Old Age Labour Supply: The Role of Public Health Expenditure

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