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Value of life, value of time, and constant relative risk aversion utility

Allan M. Feldman
This paper develops two straightforward value of life models; one is a probabilistic value of life model and the second is a determinstic value of time model. Simplifying assumptions allow both models to be solved analytically. Constant relative risk aversion utility functions are used, and both value of life and value of time are solved for a functions of the relative risk-aversion parameter.
Year of publication:
July 24, 1998
Authors: Feldman, Allan
Publisher: Providence, RI : Brown University, Department of Economics
Subject: Theorie | Theory | Risikoaversion | Risk aversion | Zeitökonomie | Economy of time | Nutzenfunktion | Utility function | Nutzen | Utility | Wert des Menschenlebens | Value of life
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