How would you like your gain in life expectancy to be provided? An experimental approach

  1. Lookup NU author(s)
  2. Dr Jytte Seested Nielsen
  3. Professor Susan Chilton
  4. Emeritus Professor Michael Jones-Lee
  5. Dr Hugh Metcalf
Author(s)Seested-Nielsen J, Chilton S, Jones-Lee M, Metcalf H
Publication type Article
JournalJournal of Risk and Uncertainty
ISSN (print)0895-5646
ISSN (electronic)1573-0476
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This paper reports the results of an empirical study investigating people's preferences over three different types of perturbation to their survival function, each perturbation generating the same gain in life expectancy. Preferences over the three different perturbations were found to be distributed more or less evenly across the subject pool. Use of a novel experimental methodology generated economically consistent and intuitively plausible responses to (necessarily) hypothetical questions concerning improvements in life expectancy by first allowing respondents to gain experience while making similar choices in an incentivized setting involving financial risk. The results demonstrate the potential for economic experiments to contribute to the development of more robust methods for policy evaluation in domains where physical risk is an important factor.
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