Risk Aversion and the Value of Risk to Life
扩展了生命价值的标准理论，允许对寿命长度存在风险厌恶，并发现当前实践低估了年轻人死亡风险降低的权重，其修正幅度超过从拯救生命数到拯救生命年数的转变。
Abstract The standard literature on the value of life relies on Yaari’s (1965) model, which includes an implicit assumption of risk neutrality with respect to life duration. To overpass this limitation, we extend the theory to a simple variety of preferences that are not necessarily additively separable. The enlargement we propose is relevant for the evaluation of life‐saving programs: current practice, we estimate, puts too little weight on mortality risk reduction of the young. Our correction exceeds in magnitude that introduced by the switch from the notion of number of lives saved to the notion of years of life saved.