Resources Repository
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ArticlePublication 2008Adjusting VSL for Age
This article addresses the theoretical ambiguity in the effect of age on the value of …
This article addresses the theoretical ambiguity in the effect of age on the value of statistical life (VSL) using a novel, age-dependent fatal risk measure to estimate age-specific hedonic wage regressions. VSL exhibits an inverted-U-shaped relationship with age. In the year 2000 cross section, workers' VSL rises from $3.7 million (ages 18–24) to $9.7 million (ages 35–44) and declines to $3.4 million (ages 55–62). Controlling for birth-year cohort effects yields a peak VSL of $7.8…
Preferences/Values | Benefit-Cost Analysis | Policy/Regulation | Climate/Environment | College | Graduate | Critical Thinking/Analysis -
ArticlePublication 2007Mortality-Risk Valuation and Age
This article addresses whether a single value of statistical life (VSL) should be applied to …
This article addresses whether a single value of statistical life (VSL) should be applied to all age groups or whether lower values should be used for the elderly, recognizing that their life expectancies are shorter than those of younger people. Surveys of different age groups' willingness to pay (WTP) for mortality-risk reductions can potentially help resolve this issue. The 36 studies reviewed suggest that the literature is split on whether older people have a lower WTP…
Preferences/Values | Benefit-Cost Analysis | Policy/Regulation | Climate/Environment | College | Graduate | Critical Thinking/Analysis -
ArticlePublication 2000Valuing Mortality Risk: Theory and Practice
This article discusses the theoretical foundation and empirical methods for estimating the value of a …
This article discusses the theoretical foundation and empirical methods for estimating the value of a statistical life (VSL). VSL is defined by individuals' preferences for small changes in risk and income, and often used by environmental and other economists to measure the monetary value of reduced mortality risk. The article reviews the dependence of VSL on age, income, baseline mortality risk, and latency.
Preferences/Values | Benefit-Cost Analysis | Policy/Regulation | College | Graduate | Critical Thinking/Analysis -
Tutorial/PrimerPublication, Teaching Resource 1994Decision Theory: A Brief Introduction
Decision theory is theory about decisions. The subject is not a very unified one. To …
Decision theory is theory about decisions. The subject is not a very unified one. To the contrary, there are many different ways to theorize about decisions, and therefore also many different research traditions. This text attempts to reflect some of the diversity of the subject. This text, by Sven Ove Hansson, is a non-technical overview of modern decision theory. Its emphasis lies on the less (mathematically) technical aspects of decision theory. It is intended for university students…
Decision Theory | Preferences/Values | Economics/Finance | Graduate | Doctoral | Critical Thinking/Analysis | Quantitative Literacy -
Resource PortalWeb Portal, Teaching Resource 2024Millennium Mathematics Project (MMP)
The Millennium Mathematics Project (MMP), a collaboration between the Faculties of Mathematics and Education at the …
The Millennium Mathematics Project (MMP), a collaboration between the Faculties of Mathematics and Education at the University of Cambridge, is a maths education and outreach initiative for ages 3 to 19 and the general public. The focus is on increasing mathematical understanding, confidence and enjoyment, developing problem-solving skills, and promoting creative and imaginative approaches to maths. The project consists of a family of complementary programmes, including the NRICH website, Plus online mathematics magazine, Wild Maths, and…
Probability/Bayes | Test Performance | Mathematical Models | Decision Analysis | Risk Analysis | Infectious Diseases | Child/Nutrition | Environmental Health | Health/Medicine | Science/Technology | Europe | High School | College | Graphics/Visualization | Quantitative Literacy -
Tutorial/PrimerPublication, Teaching Resource 2014Decision Theory: A Formal Philosophical Introduction
Decision theory is the study of how choices are and should be made in a …
Decision theory is the study of how choices are and should be made in a variety of different contexts. The author approaches the topic from a formal-philosophical point of view with a focus on normative and conceptual issues. After considering the question of how decision problems should be framed, he examines both the standard theories of chance under conditions of certainty, risk and uncertainty and some of the current debates about how uncertainty should be measured and how…
Decision Theory | Preferences/Values | Economics/Finance | Doctoral | Critical Thinking/Analysis | Quantitative Literacy -
Lesson/ModuleWeb Portal, Teaching Resource 2011“Eating Bacon Sandwiches is Bad for You!” Evaluating Risk
This packet of lessons on evaluating risk contains videos, activities, worksheets, notes, and answers on …
This packet of lessons on evaluating risk contains videos, activities, worksheets, notes, and answers on analyzing statistical data. Using mathematics, these exercises engage students by tackling real world issues in health decision-making, such as the risk of eating bacon sandwiches. These activities are recommended to be used together but can also be used independently. They are aimed at a high school learning level and higher.
Decision Analysis | Chronic Disease/Risk | Health/Medicine | High School | College | Critical Thinking/Analysis | Quantitative Literacy