Value of Life, Value of Time, and Constant Relative Risk Aversion Utility.

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.

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Year of publication:	1998
Authors:	Feldman, Allan M.
Publisher:	Providence, RI : Brown University, Department of Economics

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Series:	Working Paper ; 1998-13
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	863298036 [GVK] hdl:10419/102604 [Handle] RePEc:bro:econwp:98-13 [RePEc]
Classification:	D11 - Consumer Economics: Theory ; D61 - Allocative Efficiency; Cost-Benefit Analysis ; D60 - Welfare Economics. General ; D91 - Intertemporal Consumer Choice; Life Cycle Models and Saving
Source:	EconStor

Persistent link: https://www.econbiz.de/10010420250