ASSESSING WHETHER THERE IS A CANCER PREMIUM FOR THE VALUE OF A STATISTICAL LIFE | Zendy

Viscusi W. Kip | Zendy; Huber Joel | Zendy; Bell Jason | Zendy

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ASSESSING WHETHER THERE IS A CANCER PREMIUM FOR THE VALUE OF A STATISTICAL LIFE

Author(s) -

Viscusi W. Kip,

Huber Joel,

Bell Jason

Publication year - 2014

Publication title -

health economics

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 1.55

H-Index - 109

eISSN - 1099-1050

pISSN - 1057-9230

DOI - 10.1002/hec.2919

Subject(s) - economics , actuarial science , value (mathematics) , preference , cancer , econometrics , statistics , medicine , mathematics , microeconomics

This article estimates whether there is a cancer risk premium for the value of a statistical life using stated preference valuations of cancer risks for a large, nationally representative US sample. The present value of an expected cancer case that occurs after a one decade latency period is $10.85m, consistent with a cancer premium that is 21% greater than the median value of a statistical life estimates for acute fatalities. This cancer premium is smaller than the premium proposed for policy analyses in the UK and the USA. There is also a greater premium for policies that reduce cancer risks to zero and for risk reductions affecting those who perceive themselves to have a greater than average probability of having cancer. Copyright © 2013 John Wiley & Sons, Ltd.

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