Beyond Expected Utility in the Economics of Health and Longevity

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Cordoba, Juan Carlos; Ripoll, Marla;
  • Subject: life expectancy; value of statistical life; mortality risk aversion; Epstein-Zin-Weil pref- erences; Welfare; AIDS.
    • jel: jel:J | jel:I

We document various limitations of the expected utility model for the study of health and longevity. The model assumes individuals are indifferent between early and late resolution of uncertainty. This assumption gives rise to predictions regarding the economic value of... View more
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