Modelling unobserved heterogeneity in contingent valuation of health risks
نویسندگان
چکیده
منابع مشابه
Valuation of contingent claims with mortality and interest rate risks
We consider the pricing of life insurance contracts under stochastic mortality and interest rates assumed not independent of each other. Employing themethod of change ofmeasure together with the Bayes’ rule for conditional expectations, solution expressions for the value of common contracts are obtained. A demonstration of how to apply our proposed stochastic modelling approach to value surviva...
متن کاملSocial Willingness to Pay, Mortality Risks and Contingent Valuation
The Willingness-to-Pay approach is the basic justi...cation for the use of the Contingent Valuation method to evaluate public mortality risk reduction programs. However, aggregating unweighted willingness-to-pay is a valid method only when individuals have the same marginal value of money, an unrealistic assumption in the presence of heterogeneity. We show that heterogeneity on wealth and basel...
متن کاملContingent valuation studies and health policy.
I am glad to have the opportunity to respond to the fine paper by Professors Smith and Sach (2009). They raise both foundational questions concerning the justification of contingent valuation studies in the health policy area, and important implementation questions concerning the appropriate design of such studies. I will focus my attention on the question of justification. The debate about con...
متن کاملsecuritization of mortality risks in life annuities
insurers have in the past few decades faced longevity risks - the risk that annuitants survive more than expected - and therefore need a new approach to manage this new risk. in this dissertation we survey methods that hedge longevity risks. these methods use securitization to manage risk, so using modern financial and insurance pricing models, especially wang transform and actuarial concepts, ...
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ژورنال
عنوان ژورنال: Applied Economics
سال: 2006
ISSN: 0003-6846,1466-4283
DOI: 10.1080/00036840500427460