Volume 4 (2013)
Volume 1 (2010)
Most Downloaded Articles
- Appropriate Discounting for Benefit-Cost Analysis by Burgess, David F and Zerbe, Richard O
- Measuring The Social Opportunity Cost of Labor In Mexico by Guillermo-Peon, Sylvia B. and Harberger, Arnold C.
- A Benefit-Cost Analysis of Private and Semi-Private Hospital Rooms by Boardman, Anthony E and Forbes, Diane
- Benefit-Cost Analysis for Drinking Water Standards: Efficiency, Equity, and Affordability Considerations in Small Communities by Raucher, Robert S./ Rubin, Scott J/ Crawford-Brown, Douglas and Lawson, Megan M.
- The BCA of HSR: Should the Government Invest in High Speed Rail Infrastructure? by De Rus, Ginés
Skills of the trade: valuing health risk reductions in benefit-cost analysis
1Senior Fellow, Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School, USA
2Harvard University (Center for Risk Analysis), USA and Toulouse School of Economics (LERNA-INRA), France
Citation Information: Journal of Benefit-Cost Analysis. Volume 4, Issue 1, Pages 107–130, ISSN (Online) 2152-2812, ISSN (Print) 2194-5888, DOI: 10.1515/jbca-2012-0006, March 2013
- Published Online:
Many public policies and private actions affect the risk of injury, illness, or death, yet changes in these risks are not easily valued using market prices. We discuss how to value these risk reductions in the context of benefit-cost analysis. We begin with a pragmatic focus, describing the analytic framework and the approaches currently used for valuation, including estimates of willingness to pay, cost of illness, and monetized quality-adjusted life years. We then turn to some conceptual issues that illustrate areas in need of further exploration.