The value of longevity: An international analysis

Gabriel Martinez

Revista Desarrollo y Sociedad, 2022, vol. 90, issue 1, 9-42

Abstract: The economic value of increases in the length of life is estimated for a large set of countries using age-specific data on consumption, leisure earnings, and mortality. Estimates are sensitive to parameters on intertemporal substitution and minimum consumption, and to the interest rate. A scenario of improvement of 1/10000 survival probabilities across life results in Value of Statistical Life (VSL) gains at the beginning of life of around USD $500 for the wealthier countries, $200 for middle-income, and $30 for the poorest. Benchmark income elasticities are in general below 1, except for low-income countries at older ages. The income elasticity of VSL is calculated directly, and not, as in previous literature, calculated for less developed countries based on measurements for wealthier countries..

Keywords: Health economics; ageing; social policy; human development; international. (search for similar items in EconPapers)
JEL-codes: I15 J17 O15 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:col:000090:020259

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