Environmental Economics

Measures of Mortality Risks

Different risks of death are not equivalent because of differences in timing. This paper develops measures of mortality risk that recognize the probability of death, the duration of life lost, and the role of discounting. These adjustments lead to a substantial reordering of the major causes of death. Recognition of duration-related issues explains much of the public’s misperception of mortality risk probabilities, which may reflect duration-related concerns rather than biases in risk beliefs. The authors' estimates suggest that in forming their risk beliefs the public discounts years of life lost at a rate from 3.3—12.4 percent. Standardization of lifetimes at risk also alters the relative efficacy of regulatory policies for which the authors provide a variety of cost-effectiveness measures.

  • Keywords

    Subject:
    1. Benefits Analysis
    1. Benefits Analysis - Valuation
    1. Benefits Analysis - Valuation - Stated Preference
    1. Benefits Analysis - Valuation - Stated Preference - Non-contingent Valuation
    1. Benefits Analysis - Valuation - Cost of Damages Avoided
    1. Benefits Analysis - Valuation - Cost of Damages Avoided - Mortality
    Environmental Media:
    f. Multimedia
    Authors:
    Viscusi, W. Kip
    Hakes, John K.
    Carlin, Alan
    EPA Project Officer/ Manager:
    Carlin, Alan
    Geographic Area:
    Study Purpose:
    Empirical Application, Methodology Development & Evaluation
    Inventory Record #: EE-0299
  • Participating Organizations

    Research Organization:

    Duke UniversityAddress:
    City: Durham State: NC ZIP:
    Phone: Fax:
    E-mail:
    Funding Organization:
    Environmental Protection Agency, Office of Policy, Planning and EvaluationAddress:
    City: State: ZIP:
    Phone: Fax:
    E-mail:
  • Report Details
    Type:
    Final
    Date:
    10/01/1995
    Number of Pages:
    36
    Comment:
    Grant/Contract #:
    823604-01
  • How to Obtain Report


    Download report now
    Use link(s) to download or view the report

    Date Linked: 05/28/2009