Table 3

Theoretical predictions and empirical results of studies estimating value of mortality risk reductions. Source: Hammitt and Graham (1999) [103]

Study

Size of Risk Change

Future Risk Change

Baseline Risk

Income (or proxies)

Age

Health Status


Life cycle model: Theory

+, proportional

-

+a

+

-b, + then -c

indeterminate

Empirical Studies

Compensating Wage

+

N/A

-d

+

-

N/A

Other Revealed Preference

+

N/A

Unknown

+

+

N/A

CV

+, not proportional

-

Varies

+

+ then -, 0, -

No effect, +


a. Small "dead anyway" effect: Higher value to benefits while alive than for a bequest [133].

b. With borrowing against future earnings.

c. Inverted U with no borrowing.

d. Self selection by risk tolerant workers

Bell et al. Environmental Health 2008 7:41   doi:10.1186/1476-069X-7-41

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