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Decision Making using Economic Evaluation, Medicine, Page 11

Decision Making using Economic Evaluation

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Revealed Preferences

Most often used for value of statistical life (VSL)
estimates

Wage-risk Studies (Hedonic Wage Models)
- Choice of explanatory variables important
- Viscusi lit review … $3-7 million per statistical life (1990
dollars)
- VSL ~ WTP for year of life saved (typical health
measure)
- Key Variable is Job Risk
Workers' perception of risk & risk aversion
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