Health, Income, and Risk Aversion: Assessing Some Welfare Costs of Alcoholism and Poor Health

John Mullahy () and Jody L. Sindelar

Journal of Human Resources, 1995, vol. 30, issue 3, 439-459

Abstract: The economic costs of adverse health outcomes have typically been evaluated in a context of risk neutrality, an approach that ignores the potential welfare importance of individuals' risk preferences. This paper presents a framework that unifies the research in health capital and earnings with that on risk preferences in the presence of stochastic outcomes. The model is implemented to obtain estimates of the economic damages due both to general health problems as well as to one specific health problem that is of considerable interest from society's perspective: alcoholism.

Date: 1995
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Working Paper: Health, Income, and Risk Aversion: Assessing Some Welfare Costs of Alcoholism and Poor Health (1994)
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Persistent link: https://EconPapers.repec.org/RePEc:uwp:jhriss:v:30:y:1995:i:3:p:439-459

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