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Age effects in mortality risk valuation.

Raul Brey1, Jose Luis Pinto-Prades2,3

  • 1Department of Economics, Pablo de Olavide University, Ctra. de Utrera km. 1, 41013, Seville, Spain. rbresan@upo.es.

The European Journal of Health Economics : HEPAC : Health Economics in Prevention and Care
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PubMed
Summary
This summary is machine-generated.

Older individuals show a reduced willingness-to-pay for risk reductions, a phenomenon known as the senior discount. This effect is more pronounced in those with lower education and income levels.

Keywords:
Mortality risk valuationSeniority effectValue of statistical lifeWillingness-to-pay

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Area of Science:

  • Economics
  • Public Health
  • Risk Analysis

Background:

  • Previous studies on the relationship between age and willingness-to-pay for risk reductions have been limited by statistical model assumptions.
  • The 'senior discount' describes a lower valuation of risk reduction for older individuals.

Purpose of the Study:

  • To provide robust evidence on the functional relationship between willingness-to-pay for risk reductions and age.
  • To address limitations in prior research by employing advanced statistical models and accounting for socioeconomic factors.

Main Methods:

  • Utilized a large dataset (n=6024) with parametric, semi-nonparametric, and non-parametric models.
  • Compared marginal and total approaches to valuing statistical life, including socioeconomic variables.
  • Employed advanced statistical techniques to minimize the influence of model assumptions and data limitations.

Main Results:

  • An inverted-U relationship was observed between the value of a statistical life (VSL) and age across various modeling approaches.
  • A significant 'senior discount' effect was identified, particularly impacting individuals with lower education and income.
  • The value of a statistical life year (VSLY) was found to increase with age.

Conclusions:

  • The inverted-U relationship between VSL and age is robust and not attributable to statistical artifacts.
  • Socioeconomic factors like education and income moderate the senior discount effect.
  • Valuation of life years, unlike the total value of life, increases with age, suggesting different risk-valuation dynamics across the lifespan.