Abstract：
:We examine how different welfarist frameworks evaluate the social value of mortality risk reduction. These frameworks include classical, distributively unweighted cost-benefit analysis--i.e., the "value per statistical life" (VSL) approach-and various social welfare functions (SWFs). The SWFs are either utilitarian or prioritarian, applied to policy choice under risk in either an "ex post" or "ex ante" manner. We examine the conditions on individual utility and on the SWF under which these frameworks display sensitivity to wealth and to baseline risk. Moreover, we discuss whether these frameworks satisfy related properties that have received some attention in the literature, namely equal value of risk reduction, preference for risk equity, and catastrophe aversion. We show that the particular manner in which VSL ranks risk-reduction measures is not necessarily shared by other welfarist frameworks.
journal_name
J Health Econjournal_title
Journal of health economicsauthors
Adler MD,Hammitt JK,Treich Ndoi
10.1016/j.jhealeco.2014.02.001subject
Has Abstractpub_date
2014-05-01 00:00:00pages
82-93eissn
0167-6296issn
1879-1646pii
S0167-6296(14)00011-3journal_volume
35pub_type
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