In Australia we spend about one-sixth of GDP to protect life and health in one way or another. This is a substantial diversion of resources away from other goods. Accordingly we would like to know whether this level of expenditure on health and safety is appropriate or whether it is too large or small. To assess such issues, quantitative measures of the value of life and health, and of safety, ...

Abstract: Recently, we proposed a new method for representing and solving decision problems based on the framework of valuation-based systems. The new representation is called a valuation network, and the new solution method is called a fusion algorithm. In this paper, we compare valuation networks to decision trees and influence diagrams. We also compare the fusion algorithm to the backward re...

The importance and difficulty of the problem of ranking fuzzy numbers is pointed out. Here we consider approaches to the ranking of fuzzy numbers based upon the idea of associating with a fuzzy number a scalar value, its valuation, and using this valuation to compare and order fuzzy numbers. Specifically we focus on expected value type valuations which are based upon the transformation of a fuz...

BACKGROUND The question of how to value lost productivity in economic evaluations has been subject of debate in the past twenty years. According to the Washington panel, lost productivity influences health-related quality of life and should thus be considered a health effect instead of a cost to avoid double counting. Current empirical evidence on the inclusion of income loss when valuing healt...

a study was undertaken in southern peninsular state of india, the tamil nadu state, to assess the farmers’ “willingness to pay” (wtp) for receiving annual health care services to their dairy animals. the districts of the state were categorized as “livestock developed” (ld) and “livestock under developed” (lud) based on initial base line developed. contingent valuation (cv) approach was used to ...

This paper examines the capability of firm fundamentals in explaining the cross-sectional variation of credit default swap spreads. We start with the Merton (1974) model, which combines two major credit risk determinants into a distance-to-default measure. We convert the distance-to-default measure into a raw CDS valuation based on a constant hazard rate assumption and then map the raw CDS valu...

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