Living Healthy and Living Long: Valuing the Nonpecuniary Loss from Disability and Death

Krista M Perreira and Frank Sloan

Journal of Risk and Uncertainty, 2002, vol. 24, issue 1, 5-29

Abstract: This analysis uses three valuation approaches--risk-risk tradeoff, paired risk-dollar comparison, and utility function estimation--to estimate the nonpecuniary cost associated with disability in late life. In addition, we obtain an estimate of the value of life using a paired risk-dollar comparison. The data were obtained from interviews with 548 persons using an iterative computerized questionnaire. Respondents reported a median value of life of $12 million. They were willing-to-pay .7-1.4 million to avoid disability in late life or approximately $47-$95 thousand for each year of disability over age 62. The results were robust to the valuation technique employed. Copyright 2002 by Kluwer Academic Publishers

Date: 2002
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