Public policy toward life saving: Should consumer preferences rule?
作者:
Richard Thaler,
William Gould,
期刊:
Journal of Policy Analysis and Management
(WILEY Available online 1982)
卷期:
Volume 1,
issue 2
页码: 223-242
ISSN:0276-8739
年代: 1982
DOI:10.2307/3324705
出版商: Wiley Subscription Services, Inc., A Wiley Company
数据来源: WILEY
摘要:
AbstractNeedless to say, people who face risks that entail a high probability of death are willing to pay extraordinarily large sums to reduce the probability. Those that face low risks are typically unwilling to pay anything at all to reduce those risks. Accordingly, a public policy that would allocate funds to maximize the number of lives saved conflicts sharply with the willingness‐to‐pay criterion. Information about their survival probabilities always increases willingness of individuals to pay for life saving. Risk‐aversè individuals may reject insurance for the treatment of fatal diseases that is fairly priced, even if they plan to pay for the treatment if they get sick; this result has implications regarding the choice of treatment or prevention. If the objective of public policy is to save the largest number of lives, then the allocation of funds must be made before individuals are affected by life‐threateni
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