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To Be, or Not to Be, That Is the Question: An Empirical Study of the WTP for an Increased Life Expectancy at an Advanced Age
MAGNUS JOHANNESSON and PER-OLOV JOHANSSON
Journal of Risk and Uncertainty
Vol. 13, No. 2 (September 1996), pp. 163-174
Published by: Springer
Stable URL: http://www.jstor.org/stable/41760826
Page Count: 12
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This study reports an attempt to measure the value of an increased survival probability at advanced ages. It turns out that the average willingness to pay for a program which would increase the expected length of life by one year, conditional on having survived to the age of 75 years, is lower than $1,500. The willingness to pay increases with a person's age, but at a low and seemingly constant rate (1-4 percent per year).
Journal of Risk and Uncertainty © 1996 Springer