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Finally, given that most corona victims are old, it is worth considering whether $10 million per VSL is correct. Indeed, if value of saved life is less than $5.85m, social distancing leads to worse outcomepic.twitter.com/4CLU0Ncuri
US HHS estimate a life-year saved worth about $500K (https://aspe.hhs.gov/system/files/pdf/242926/HHS_RIAGuidance.pdf#page=26 …), and with 7.8 life years saved per corona case (https://theincidentaleconomist.com/wordpress/economic-cost-of-flattening-the-curve/ …), that suggests a benefit of about $3.8m per life, meaning that social distancing delivers worse outcomes
The paper is very interesting and well done. It shows us that while there is definitely many benefits to be had to "flattening the curve", lock-down policies are easy We need to make sure the lock-down policies keep infections below capacity and also are as low-cost as possible
What is the estimated cost of missed freedom in that paper? I am not talking Abt the economic damage, but the rest of the cost linked to the loss of freedom in non economic settings (like two young partners not having a sexual life because they don't live together etc)
Interesting, and I don't know if anyone have attempted to estimate the non-direct health costs. Death is obviously biggest, but also most well-defined. There are lots of other costs from unemployment, suicide, drug and domestic abuse etc
I take issue with the life-year saved value of $500K. It seems like a suspiciously round number for anything that was come up with scientifically. Why not $100k or $1 million?
Ah, so a saved life-year in the US is worth 5 times more than in Sweden? No wonder our models look the way they do.
Not sure what the Swedish number is. For the US, the $10m is value of statistical life; the value of statistical life YEAR is about $500K
How can the life of a retired person be valued at $500,000 they only contribute to the economy via their pensions yet take huge healthcare costs from the economy. The economic value of a retired persons life should surely be $0.
ah, it is the value *to society* of avoiding a loss of one life year Big literature, based on surveys. E.g. ask willingness to pay to avoid 1-in-a-million risk of dying 10 years early. If each willing to pay $5, 1m people will pay $5m for 1 person saving 10 years, or $500K/year
Try telling someone without a job who may now never get another job that the value of a retired persons life is between half and ten million dollars.
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