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  1. Article ; Online: Consistent valuation of a reduction in mortality risk using values per life, life year, and quality-adjusted life year.

    Hammitt, James K

    Health economics

    2023  Volume 32, Issue 9, Page(s) 1964–1981

    Abstract: The monetary value of a reduction in mortality risk can be accurately characterized using the alternative concepts of value per statistical life (VSL), value per statistical life year (VSLY), and value per quality-adjusted life year (VQALY). Typically, ... ...

    Abstract The monetary value of a reduction in mortality risk can be accurately characterized using the alternative concepts of value per statistical life (VSL), value per statistical life year (VSLY), and value per quality-adjusted life year (VQALY). Typically, each of these values depends on the age and other characteristics of the affected individual; at most one of the values can be independent of age. The common practice of valuing a transient or persistent risk reduction using a constant VSL, VSLY, or VQALY yields systematic differences in the calculated monetary value that depend on the age at which the risk reduction begins, its duration, time path, and whether future lives, life years, or quality-adjusted life years are discounted. Mutually consistent, age-dependent VSL, VSLY, and VQALY are derived and the large differences in valuation of illustrative transient and persistent risk reductions that can result from assuming age-independent values of each of the three concepts are illustrated.
    MeSH term(s) Humans ; Quality-Adjusted Life Years ; Risk Reduction Behavior ; Cost-Benefit Analysis
    Language English
    Publishing date 2023-05-03
    Publishing country England
    Document type Journal Article ; Research Support, U.S. Gov't, Non-P.H.S. ; Research Support, Non-U.S. Gov't
    ZDB-ID 1135838-5
    ISSN 1099-1050 ; 1057-9230
    ISSN (online) 1099-1050
    ISSN 1057-9230
    DOI 10.1002/hec.4697
    Database MEDical Literature Analysis and Retrieval System OnLINE

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    Zs.A 3555: Show issues Location:
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  2. Article ; Online: Prevention, treatment, and palliative care: The relative value of health improvements under alternative evaluation frameworks.

    Hammitt, James K

    Journal of health economics

    2022  Volume 84, Page(s) 102643

    Abstract: The social value of decreasing health risks can be evaluated using benefit-cost analysis (BCA), cost-effectiveness analysis (CEA), or a social-welfare function (SWF). These frameworks can produce different social preference rankings of interventions ... ...

    Abstract The social value of decreasing health risks can be evaluated using benefit-cost analysis (BCA), cost-effectiveness analysis (CEA), or a social-welfare function (SWF). These frameworks can produce different social preference rankings of interventions depending on how their health effects and costs are distributed in a population. This paper derives social values of marginal decreases in the probability of illness, its severity (decrease in health status), lethality (conditional mortality risk), and cost under BCA, CEA, and three benchmark SWFs: utilitarian, ex ante prioritarian, and ex post prioritarian. The sensitivity of the social values of improvements in health and decreases in cost to individual circumstances are diverse. In contrast, the conditions under which a decrease in risk, severity, or lethality is socially preferred to a decrease in another of these dimensions are identical for BCA, CEA, the utilitarian and ex ante prioritarian SWFs, but can differ for the ex post prioritarian SWF.
    MeSH term(s) Cost-Benefit Analysis ; Health Status ; Humans ; Palliative Care ; Social Welfare
    Language English
    Publishing date 2022-06-07
    Publishing country Netherlands
    Document type Journal Article ; Research Support, U.S. Gov't, Non-P.H.S. ; Research Support, Non-U.S. Gov't
    ZDB-ID 625797-5
    ISSN 1879-1646 ; 0167-6296
    ISSN (online) 1879-1646
    ISSN 0167-6296
    DOI 10.1016/j.jhealeco.2022.102643
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    Zs.A 1779: Show issues Location:
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  3. Article ; Online: The future costs of methane emissions.

    Hammitt, James K

    Nature

    2021  Volume 592, Issue 7855, Page(s) 514–515

    MeSH term(s) Air Pollutants/analysis ; Climate ; Methane/analysis ; Uncertainty
    Chemical Substances Air Pollutants ; Methane (OP0UW79H66)
    Language English
    Publishing date 2021-04-21
    Publishing country England
    Document type News ; Comment
    ZDB-ID 120714-3
    ISSN 1476-4687 ; 0028-0836
    ISSN (online) 1476-4687
    ISSN 0028-0836
    DOI 10.1038/d41586-021-00972-6
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    Zs.MO 244: Show issues

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  4. Article: Monetary values of increasing life expectancy: Sensitivity to shifts of the survival curve.

    Hammitt, James K / Tunçel, Tuba

    Journal of risk and uncertainty

    2023  , Page(s) 1–31

    Abstract: Individuals' monetary values of decreases in mortality risk depend on the magnitude and timing of the risk reduction. We elicited stated preferences among three time paths of risk reduction yielding the same increase in life expectancy (decreasing risk ... ...

    Abstract Individuals' monetary values of decreases in mortality risk depend on the magnitude and timing of the risk reduction. We elicited stated preferences among three time paths of risk reduction yielding the same increase in life expectancy (decreasing risk for the next decade, subtracting a constant from or multiplying risk by a constant in all future years) and willingness to pay (WTP) for risk reductions differing in timing and life-expectancy gain. Respondents exhibited heterogeneous preferences over the alternative time paths, with almost 90 percent reporting transitive orderings. WTP is statistically significantly associated with life-expectancy gain (between about 7 and 28 days) and with respondents' stated preferences over the alternative time paths. Estimated value per statistical life year (VSLY) can differ by time path and averages about $500,000, roughly consistent with conventional estimates obtained by dividing estimated value per statistical life by discounted life expectancy.
    Language English
    Publishing date 2023-05-10
    Publishing country United States
    Document type Journal Article
    ZDB-ID 1478894-9
    ISSN 1573-0476 ; 0895-5646
    ISSN (online) 1573-0476
    ISSN 0895-5646
    DOI 10.1007/s11166-023-09406-2
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  5. Article: Valuing mortality risk in the time of COVID-19.

    Hammitt, James K

    Journal of risk and uncertainty

    2020  Volume 61, Issue 2, Page(s) 129–154

    Abstract: In evaluating the appropriate response to the COVID-19 pandemic, a key parameter is the rate of substitution between wealth and mortality risk, conventionally summarized as the value per statistical life (VSL). For the United States, VSL is estimated as ... ...

    Abstract In evaluating the appropriate response to the COVID-19 pandemic, a key parameter is the rate of substitution between wealth and mortality risk, conventionally summarized as the value per statistical life (VSL). For the United States, VSL is estimated as approximately $10 million, which implies the value of preventing 100,000 COVID-19 deaths is $1 trillion. Is this value too large? There are reasons to think so. First, VSL is a marginal rate of substitution and the potential risk reductions are non-marginal. The standard VSL model implies the rate of substitution of wealth for risk reduction is smaller when the risk reduction is larger, but a closed-form solution calibrated to estimates of the income elasticity of VSL shows the rate of decline is modest until the value of a non-marginal risk reduction accounts for a substantial share of income; average individuals are predicted to be willing to spend more than half their income to reduce one-year mortality risk by 1 in 100. Second, mortality risk is concentrated among the elderly, for whom VSL may be smaller and who would benefit from a persistent risk reduction for a shorter period because of their shorter life expectancy. Third, the pandemic and responses to it have caused substantial losses in income that should decrease VSL. In contrast, VSL is plausibly larger for risks (like COVID-19) that are dreaded, uncertain, catastrophic, and ambiguous. These arguments are evaluated and key issues for improving estimates are highlighted.
    Keywords covid19
    Language English
    Publishing date 2020-11-11
    Publishing country United States
    Document type Journal Article
    ZDB-ID 1478894-9
    ISSN 1573-0476 ; 0895-5646
    ISSN (online) 1573-0476
    ISSN 0895-5646
    DOI 10.1007/s11166-020-09338-1
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  6. Article ; Online: Valuing Mortality Risk in the Time of COVID-19

    Hammitt, James K.

    SSRN Electronic Journal ; ISSN 1556-5068

    2020  

    Keywords covid19
    Language English
    Publisher Elsevier BV
    Publishing country us
    Document type Article ; Online
    DOI 10.2139/ssrn.3615314
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  7. Article ; Online: Introduction to Special Issue on Risk Assessment, Economic Evaluation, and Decisions.

    Hammitt, James K / Robinson, Lisa A

    Risk analysis : an official publication of the Society for Risk Analysis

    2021  Volume 41, Issue 4, Page(s) 559–564

    Abstract: Integrating risk assessment, economic evaluation, and uncertainty to inform policy decisions is a core challenge to risk analysis. In September 2019, the Harvard Center for Risk Analysis, with support from the Society for Risk Analysis Economics and ... ...

    Abstract Integrating risk assessment, economic evaluation, and uncertainty to inform policy decisions is a core challenge to risk analysis. In September 2019, the Harvard Center for Risk Analysis, with support from the Society for Risk Analysis Economics and Benefits Analysis Specialty Group and others, convened a workshop to address this issue. The workshop built in part on the recommendations of the 2009 National Research Council report, Science and Decisions: Advancing Risk Assessment. It honored John S. Evans, whose thoughtful and innovative teaching and scholarship have significantly advanced thinking on these issues. This special issue features a profile of Dr. Evans and nine articles that build on work presented at the workshop.
    Language English
    Publishing date 2021-03-25
    Publishing country United States
    Document type Journal Article ; Research Support, Non-U.S. Gov't
    ZDB-ID 778660-8
    ISSN 1539-6924 ; 0272-4332
    ISSN (online) 1539-6924
    ISSN 0272-4332
    DOI 10.1111/risa.13720
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    Jg. 1995 - 2021: Lesesall (1.OG)
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  8. Article: Valuing mortality risk in the time of COVID-19

    Hammitt, James K

    J Risk Uncertain

    Abstract: In evaluating the appropriate response to the COVID-19 pandemic, a key parameter is the rate of substitution between wealth and mortality risk, conventionally summarized as the value per statistical life (VSL). For the United States, VSL is estimated as ... ...

    Abstract In evaluating the appropriate response to the COVID-19 pandemic, a key parameter is the rate of substitution between wealth and mortality risk, conventionally summarized as the value per statistical life (VSL). For the United States, VSL is estimated as approximately $10 million, which implies the value of preventing 100,000 COVID-19 deaths is $1 trillion. Is this value too large? There are reasons to think so. First, VSL is a marginal rate of substitution and the potential risk reductions are non-marginal. The standard VSL model implies the rate of substitution of wealth for risk reduction is smaller when the risk reduction is larger, but a closed-form solution calibrated to estimates of the income elasticity of VSL shows the rate of decline is modest until the value of a non-marginal risk reduction accounts for a substantial share of income; average individuals are predicted to be willing to spend more than half their income to reduce one-year mortality risk by 1 in 100. Second, mortality risk is concentrated among the elderly, for whom VSL may be smaller and who would benefit from a persistent risk reduction for a shorter period because of their shorter life expectancy. Third, the pandemic and responses to it have caused substantial losses in income that should decrease VSL. In contrast, VSL is plausibly larger for risks (like COVID-19) that are dreaded, uncertain, catastrophic, and ambiguous. These arguments are evaluated and key issues for improving estimates are highlighted.
    Keywords covid19
    Publisher WHO
    Document type Article
    Note WHO #Covidence: #926761
    Database COVID19

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  9. Book ; Online: Valuing mortality risk in the time of covid-19

    Hammitt, James K.

    2020  

    Abstract: In evaluating the appropriate response to the covid-19 pandemic, a key parameter is the rate of substitution between mortality risk and wealth or income, conventionally summarized as the value per statistical life (VSL). For the United States, VSL is ... ...

    Abstract In evaluating the appropriate response to the covid-19 pandemic, a key parameter is the rate of substitution between mortality risk and wealth or income, conventionally summarized as the value per statistical life (VSL). For the United States, VSL is estimated as approximately $10 million, which implies the value of preventing 100,000 covid-19 deaths is $1 trillion. Is this value too large? There are reasons to think so. First, VSL is a marginal rate of substitution and the potential risk reductions are non-marginal. The standard VSL model implies the rate of substitution of wealth for risk reduction is smaller when the risk reduction is larger, but the implied value of non-marginal risk reductions decreases slowly until the value accounts for a substantial share of income, after which it decreases sharply; average individuals are predicted to be willing to spend more than half their income to reduce one-year mortality risk by only 1 in 100. Second, mortality risk is concentrated among the elderly, for whom VSL may be smaller and who would benefit from a persistent risk reduction for a shorter period because of their shorter life expectancy. Third, the pandemic and responses to it have caused substantial losses in income that should decrease VSL. In contrast, VSL is plausibly larger for risks (like covid-19) that are dreaded, uncertain, catastrophic, and ambiguous. These arguments are evaluated and key issues for improving estimates are highlighted.
    Keywords B- ECONOMIE ET FINANCE ; covid19
    Language English
    Publisher TSE Working Paper
    Publishing country fr
    Document type Book ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  10. Book ; Online: Valuing mortality risk in the time of covid-19

    Hammitt, James K.

    2020  

    Abstract: In evaluating the appropriate response to the covid-19 pandemic, a key parameter is the rate of substitution between mortality risk and wealth or income, conventionally summarized as the value per statistical life (VSL). For the United States, VSL is ... ...

    Abstract In evaluating the appropriate response to the covid-19 pandemic, a key parameter is the rate of substitution between mortality risk and wealth or income, conventionally summarized as the value per statistical life (VSL). For the United States, VSL is estimated as approximately $10 million, which implies the value of preventing 100,000 covid-19 deaths is $1 trillion. Is this value too large? There are reasons to think so. First, VSL is a marginal rate of substitution and the potential risk reductions are non-marginal. The standard VSL model implies the rate of substitution of wealth for risk reduction is smaller when the risk reduction is larger, but the implied value of non-marginal risk reductions decreases slowly until the value accounts for a substantial share of income, after which it decreases sharply; average individuals are predicted to be willing to spend more than half their income to reduce one-year mortality risk by only 1 in 100. Second, mortality risk is concentrated among the elderly, for whom VSL may be smaller and who would benefit from a persistent risk reduction for a shorter period because of their shorter life expectancy. Third, the pandemic and responses to it have caused substantial losses in income that should decrease VSL. In contrast, VSL is plausibly larger for risks (like covid-19) that are dreaded, uncertain, catastrophic, and ambiguous. These arguments are evaluated and key issues for improving estimates are highlighted.
    Keywords B- ECONOMIE ET FINANCE ; covid19
    Language English
    Publisher TSE Working Paper
    Publishing country fr
    Document type Book ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

    Full text online

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    Inter-library loan at ZB MED

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