Hartwick, John M. - In: Economics Letters 114 (2012) 1, pp. 51-53
We back out an estimate of a personal discount rate of between 3 and 4 percent for a person with a life expectancy of 74 years who dies at age 30 or 40 and has a value of statistical life of $6.3 million. We employ the Makeham “model” of life expectancy and Murphy–Topel “values of life...