assumptions of full annuitization and deterministic health. Our framework can value the prevention of mortality and of illness … add $127 billion to the value of a one percent decline in future mortality …

This paper examines the distributional implications of mandatory longevity insurance when there is mortality … alternative annuity programs in the presence of differential mortality across groups. This paper embeds that analysis into a life … is welfare enhancing even for those individuals with much higher-than-average expected mortality rates, so long as …

reduce mortality risk. Their choices generate an equilibrium survival function that can be differentiated to recover their … marginal willingness to pay for mortality risk reduction. Our IV estimator uses survey data on Americans over age 66, linked to …

' willingness to pay. We then apply the framework to past and prospective reductions in mortality risks, both overall and for … about half of average annual GDP over the period. Reduced mortality from heart disease alone has increased the value of life … large. Even a modest 1 percent reduction in cancer mortality would be worth nearly $500 billion …

stochastic event, age-specific mortality risks are endogenous variables, and spending on life protection is set jointly with …-specific mortality risks and implicit private values-of-life-saving (VLS) as "dual variables", and estimates them jointly. It also offers …