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Fair innings? The utilitarian and prioritarian value of risk reduction over a whole lifetime

Matthew D. Adler, Maddalena Ferranna, James Hammitt and Nicolas Treich ()

Journal of Health Economics, 2021, vol. 75, issue C

Abstract: The social value of risk reduction (SVRR) is the marginal social value of reducing an individual’s fatality risk, as measured by some social welfare function (SWF). This Article investigates SVRR, using a lifetime utility model in which individuals are differentiated by age, lifetime income profile, and lifetime risk profile. We consider both the utilitarian SWF and a “prioritarian” SWF, which applies a strictly increasing and strictly concave transformation to individual utility.

Keywords: Social welfare function (SWF); Benefit-cost analysis (BCA); Value of statistical life (VSL); Fair innings; Social value of risk reduction (SVRR); Utilitarian; Prioritarian; Risk regulation (search for similar items in EconPapers)
Date: 2021
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Related works:
Working Paper: Fair Innings? The Utilitarian and Prioritarian Value of Risk Reduction over a Whole Lifetime (2021) Downloads
Working Paper: Fair Innings? The Utilitarian and Prioritarian Value of Risk Reduction over a Whole Lifetime (2019) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jhecon:v:75:y:2021:i:c:s0167629620310584

DOI: 10.1016/j.jhealeco.2020.102412

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Journal of Health Economics is currently edited by J. P. Newhouse, A. J. Culyer, R. Frank, K. Claxton and T. McGuire

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