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Saving future lives. A comparison of three discounting models

John A. Cairns and Marjon van der Pol ()

Health Economics, 1997, vol. 6, issue 4, 341-350

Abstract: This paper compares three models of intertemporal choice concerning saving future lives: the constant discounting model, the proportional discounting model and the hyperbolic discounting model. The three models were investigated using data collected from the general public. Since these data have a multilevel structure, ordinary least‐squares (OLS) estimates were supplemented by multilevel analysis. There is evidence in favour of the proportional (and to a lesser extent) the hyperbolic model over the constant discounting model. There is clear evidence for this data set that multilevel analysis is more appropriate than OLS. © 1997 John Wiley & Sons, Ltd.

Date: 1997
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Handle: RePEc:wly:hlthec:v:6:y:1997:i:4:p:341-350