Health, wealth and time preference

Abstract

It is conventional practice in economic evaluations to discount future health benefits at the same rate as future financial or resource flows. This paper reassesses the case for such a practice and emphasises the importance of the individuals' rate of time preference over future health states. It reports an empirical study which set out to estimate and compare time preference states for future health and wealth states. The estimated rates were significantly lower for future health as compared to future wealth states.

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