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ESTIMATION OF STATE-DEPENDENT UTILITY FUNCTIONS USING SURVEY DATA

William Evans and W Viscusi

No 271154, 1991 Annual Meeting, August 4-7, Manhattan, Kansas from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: Surveys of individual's risk-dollar tradeotfs illumi· nate not only the local tradeoff rates but also can be used to address more fundamental questions about the structure of utility functions. This largely unexplored empi~ical area (s investigated by developing an econometric techn1que to est1· mate utility functions based on survey data on risk-dollar tradeoffs for minor health effects. The empirical tests indicate that for all but one of the temporary health effects consid· ered. consumers treat injuries as tantamount to a drop in income. implying that the health impact does not alter the structure of the utility function in a fundamental way.

Keywords: Political Economy; Research Methods/ Statistical Methods (search for similar items in EconPapers)
Date: 1991-08-04
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