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    203566

    The value of changes in life expectancy.

    Rosen S

    Chicago, Illinois, Economics Research Center, 1987. 37 p. (Discussion Paper Series No. 87-14.)

    Valuation formulas for age-specific mortality risks are derived from life-cycle allocation theory under uncertainty and related to empirical estimates of the value of life. A change in an age-specific mortality risk affects all subsequent survivor functions and reallocates consumption and labor supply over the entire life cycle. The value of eliminating a risk to life at a specific age is the expected present value of consumer surplus from that age forward. Approximate numerical extrapolations from cross-section estimates imply that values decrease rapidly in current age and in the distance between current age and age at risk. (author's)
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