Valuing Statistical Life Using Seniors' Medical Spending

Jonathan Ketcham, Nicolai Kuminoff and Nirman Saha

No 23-16, RFF Working Paper Series from Resources for the Future

Abstract: This study provides the first revealed preference evidence on the value of statistical life (VSL) for US seniors aged 67–97 from the rates at which they choose to consume medical care relative to other private goods and by the effects of their choices on their survival probabilities. These effects are estimated from individuals’ survey responses linked with their Medicare records. Instrumental variables estimators provide robust evidence that the mean VSL is below $1 million and that it decreases with age, and, given age, increases with income, education, and health and is higher for women and people who never smoked.

Date: 2023-05-10
New Economics Papers: this item is included in nep-age and nep-hea
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