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The Economic Value of Medical Knowledge

The Economic Value of Medical Knowledge,Kevin M. Murphy,Robert Topel

The Economic Value of Medical Knowledge   (Citations: 6)
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Published in 2001.
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    • ...hand washing, boiling milk, and appropriate food storage) as the expected return to health investments rises (Dow et al. 1999; Murphy and Topel 2003)...
    • ...Contemporary research on the value of life suggests that a reasonable dollar value of a person-year today is about $100,000 on average (Viscusi and Aldy 2003)...

    David M. Cutleret al. The role of public health improvements in health advances: The twentie...

    • ...Using data from the economic literature on the willingness to pay to reduce the risk of death, together with the life cycle valuation framework we developed earlier (Murphy and Topel 2003), we are able to quantify in dollar terms the value people place on differences in longevity across groups at a point in time, as well as changes in longevity for the same groups over time.,Other research suggests that such large gains have in fact been a key part of economic progress for far longer, dating back to at least 1900 (Murphy and Topel 2003; Nordhaus 2003).,In other work, we develop a detailed life cycle model of the willingness to pay to reduce the risk of death at different ages over the life cycle (Murphy and Topel 2003).,In our earlier work, we exploited this feature of our analysis to get estimates of the aggregate gains from the historical reduction in mortality (Murphy and Topel 2003)...

    Kevin M. Murphyet al. Black-White Differences in the Economic Value of Improving Health

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