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Skills of the trade: valuing health risk reductions in benefit-cost analysis

Robinson, Lisa A. and Hammitt, James K. (2013) Skills of the trade: valuing health risk reductions in benefit-cost analysis. Journal of Benefit-Cost Analysis, 4 (1). pp. 107-130.

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Many public policies and private actions affect the risk of injury, illness, or death, yet changes in these risks are not easily valued using market prices. We discuss how to value these risk reductions in the context of benefit-cost analysis. We begin with a pragmatic focus, describing the analytic framework and the approaches currently used for valuation, including estimates of willingness to pay, cost of illness, and monetized quality-adjusted life years. We then turn to some conceptual issues that illustrate areas in need of further exploration.

Item Type: Article
Language: English
Date: 2013
Refereed: Yes
Uncontrolled Keywords: benefit-cost analysis, cost of illness, health risk valuation, value per statistical life, willingness to pay, quality-adjusted life year
Divisions: TSE-R (Toulouse)
Site: UT1
Date Deposited: 16 Mar 2015 14:50
Last Modified: 07 Mar 2018 13:23
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