Research Note: Assessing Household Service Losses with Joint Survival Probabilities

Victor Matheson and Robert Baade ()
Additional contact information
Robert Baade: Department of Economics and Business, Lake Forest College

No 611, Working Papers from College of the Holy Cross, Department of Economics

Abstract: Traditional analyses of household service losses in personal injury and wrongful death litigation calculate the losses over the expected lifetime of the injured or deceased individual. In fact, the losses to the surviving family members are more accurately described by using joint survival probabilities of the injured or deceased person and their survivors, or a “joint life expectancy.” The use of joint probabilities will always serve to reduce expected household service losses and these reductions can be especially significant when the deceased is significantly younger than the surviving spouse or if the survivor has a relatively low remaining life expectancy.

Keywords: forensic economics; household services (search for similar items in EconPapers)
JEL-codes: K13 K41 (search for similar items in EconPapers)
Pages: 10 pages
Date: 2006-12
New Economics Papers: this item is included in nep-hea and nep-law
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Published in Journal of Forensic Economics, Vol. 20:2, October 2008, 187-192.

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https://hcapps.holycross.edu/hcs/RePEc/hcx/HC0611- ... ouseholdServices.pdf (application/pdf)

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Journal Article: Research Note: Assessing Household Service Losses with Joint Survival Probabilities (2008)
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