The federal government subsidizes basic and applied research on both the quality of life and the length of life. An example of research on quality is the efforts to find implantable artificial kidneys that can replace dialysis for persons with severe kidney disease since dialysis is a limited and very confining procedure. Research into finding cures for breast and prostate cancers exemplifies research on extending the length of life. It might seem clear that research on extending the lives of frail persons over say age 80 does not produce much value to these persons or to society, but economic analysis of the “value of life” shows that this conclusion is far from obvious.
The main criterion used to measure benefits from all kinds of medical advances is how much individuals affected by these advances, and society as a whole, would be willing to pay for them. Clearly, reducing the incidence of Alzheimer’s disease, or finding drug substitutes for dialysis, would add great value to individuals who would have been victimized by Alzheimer’s or would have been on dialysis. As Posner indicates, however, this does not necessarily imply that putting lots of time and money into developing ways to extend the lives of old people is worthwhile, particularly those who are frail.
On the one hand, the health care delivery systems of the United States and of many other rich countries do not seem able to prevent newly developed expensive drugs, costly surgeries, and other medical interventions from being used to prolong the lives by a tiny amount of very sick elderly persons. It might be better if research spent on these kind of medical innovations went instead to improving the quality of life for other elderly persons, or to helping reduce death rates from cancers, cardiovascular diseases, and other major killers.
On the other hand, even old and frail men and women are often willing to pay a lot for rather small improvements in their expected lifespan. Economists have estimated how much individuals must be paid to be willing to work at jobs with higher death rates, to avoid being involved in deadly traffic accidents, or to take on other life-threatening risks. After manipulating these willingness to pay estimates, the conclusion is that the statistical “value of a life year” to a young or a middle aged American is about $120,000. This is far higher than average earnings in any year- about $45,000 for men who work full time- because the value of life estimate includes the value placed on the many hours not spent at work, and on other sources of utility.
The present value of a reduction in the probability of dying now and at each future age would be worth more to younger persons since older individuals have fewer years of life remaining. But is the value of a “life year” also worth less to the old and perhaps frail? The answer to that is less obvious than may seem (the following analysis is based on work in progress, referred to by Posner, by Kevin Murphy, Tomas Philipson, and myself). Presumably, frail elderly people tend to receive less utility from a year of their current life since their lack of health prevents them from greatly enjoying their leisure time and consumption of different goods. However, the utility cost of any time and money they might spend on prolonging their lives is also lower for them. The fundamental measure of the value of a life year is the ratio of the utility gained to this marginal utility spent on prolonging life. This ratio could even be higher for the old and frail than for healthy younger persons.
In addition, since old and frail people have only a short remaining lifetime, the fear of dying, long recognized as of great importance by novelists and philosophers, is more immediate to them than to younger persons. Their fear of dying could make old people quite willing to spend liberally to delay their deaths even by a few months. Finally, as Posner recognizes, the old would be willing to spend most of their wealth to prolong their lives even by a little bit if they value their lives by a lot more than they value any bequests they would leave to children or others.
Of course, Medicare, Medicaid, and employer health insurance distort many health care decisions in the US since sick individuals mainly pay not their own money, but the monies of taxpayers or of other employees. Medicare, for example, presumably leads to too much spending on the very old because the government ends up financing the great majority of this spending. This is an important determinant of the actual spending on the health of the elderly, but I have argued that many of the old and frail would be willing to spend a lot of their own money to prolong their lives even by a small amount.
Well this is an example of research on quality..which is the efforts to find implantable artificial kidneys that can replace dialysis for persons with severe kidney disease..thanks
Posted by: Residential MD | 09/01/2011 at 07:42 AM
Thanks for division this attractive post. There are some points here that I have not hear of earlier than. Perfect!Just keep your work!Once again, thanks for this useful post. This will be very helpful for me.
Posted by: nike shoes | 09/16/2011 at 07:56 PM
"Es gibt in der Regel lädt der Republikaner zur Verfügung, die die richtigen Bewerber wünschen, die insbesondere Kunden, die wird [url=http://www.uggkaufen.net/]ugg stiefel[/url] , ziehen diese von den Füßen, plus jetzt viele Menschen nicht erkennen, dass Pick, "ABC politischen Aufseher Amy Walt beansprucht. Die bestimmten Punkt ist sicherlich nicht mit der Komödie Schriftsteller während "Saturday Übernachtung Live", die scheinen offenbart Ihre faux Romney, dass Samstag und Sonntag, erzählen, "Mitt Romney wahrscheinlich nicht der ideale Kunde verpasst, obwohl er die ideale Wahl gegen andere abgestimmt ist Personen. "Die eigentliche republikanische Unordnung ist somit streng, dass die einmal Perrys Implosion, diese etwa Nj-New Jersey Gouverneur Bob Christie sagen, es gibt frische Nachfrage aus der Parteiführer in der Lage sein, ihn oder sie zu eigenen rekrutieren: Während Ihres Hundes angewiesen ABC Diane Sawyer im Juli ist er nicht unbedingt ernst. Diese ca., [url=http://www.uggkaufen.net/herren-stiefel-wholesale-26.html]Herren Stiefel[/url] , Christie weisen darauf hin, er ist erst kürzlich durch namhafte Republikaner befürworten Ihr Ex-Mann laufen belagert. Die besondere Lösungen erklären sie doch beharrt er nicht unbedingt Schlüssel in diesem Kampf. auf sie.
Posted by: günstige ugg | 09/26/2011 at 08:14 PM
Thanks for sharing. This website is to I too have to help. Very good.
Posted by: jordan cool grey | 09/27/2011 at 07:16 AM
This site is very informative and their is so many things to learn about. I thoroughly enjoyed the reading. How Do You Get Love
Posted by: Account Deleted | 10/24/2011 at 02:38 PM
Hope that every government could pay more attention on the vulnerable groups, they need your protection!
Posted by: Canada Goose on Sale | 10/26/2011 at 09:40 PM
Nice job.Thanks for sharing.I will scan regularly.
Posted by: wood fuel | 10/31/2011 at 10:27 PM
this is a topic not meant for debate. The benefits for the old is a recognition of their past contribution to the society, not what is expected of them in the future.
Posted by: joint pain pregnancy | 11/03/2011 at 12:38 AM
Hi ,thanks for this post.
******The job market is constantly moving and growing and if HR professionals are not on top of this movement they and their company can be doomed. As second city alum and HR professional, I've always advocated for basic improv training not just in hr, but for all professionals in general.
Posted by: Christian Louboutin Sale | 11/03/2011 at 02:54 AM
the big question here is has that benefited the people?
Posted by: high blood pressure cures | 11/11/2011 at 03:01 AM
more and more of the story went around but same question remains has the people came off better?
Posted by: joint pain | 11/11/2011 at 03:02 AM
Get More Follower | Buy Twitter Followers. Get More Follower is offering a twitter followers, facebook fans and likes. Get More Twitter Followers and increase your twitter followers.
Posted by: Get More Follower | 11/19/2011 at 02:25 AM
Get More Follower | Buy Twitter Followers. Get More Follower is offering a twitter followers, facebook fans and likes. Get More Twitter Followers and increase your twitter followers.
Posted by: Get More Follower | 11/23/2011 at 03:21 AM
Death is a part of life... It's about making people comfortable in the last period of their lives... and to make sure that they have enough time to decide want they want, don't want, get their affairs in order and say their goobyes... maybe invansive, agressive therapies are not always the correct choice...
Posted by: Graduate Diploma in Athletic Performance | 11/27/2011 at 11:29 PM
例えば、プロ結婚式ドレス
のテーラーから裾は非常に基本的な裾のための$ 55の複数の層のための$ 200までの範囲かもしれないが、ウエディングドレス縫製の部屋の周りに自分の道を知っている人にとっては困難な雑用ではないかもしれません。それはすべてのガウンの構造に依存する。裾は非常に単純であるが、あなたのカラードレス 格安
は、裾でのレースがある場合、それはより広範な作業を必要とするかもしれないことに注意することができます。<
Posted by: wedding520 | 11/30/2011 at 02:10 AM
Nice hosting! It’s my first time to read like this article.
http://www.designer-handbags-jewelry.com
http://www.replicaknockoffhandbags.com
http://www.cheapknockoffhandbags.com
..tgrs
Posted by: knockoff handbags | 12/02/2011 at 03:07 AM
Nice hosting! It’s my first time to read like this article.
http://www.designer-handbags-jewelry.com
http://www.replicaknockoffhandbags.com
http://www.cheapknockoffhandbags.com
..tges
Posted by: knockoff handbags | 12/02/2011 at 03:07 AM
Having higher numbers of occupants per existing structure doesn't bode well for selling off the homes having fallen or about to fall into the laps of bankers.All of the sci-fi stories pointed to a shorter work week, more leisure time and industries developing around increased leisure time coupled with the income to enjoy it. We have nothing like that in place or even in mind. Instead those desperate for any kind of job are to work longer hours for less pay and be appreciative for their opportunity.
Posted by: Cheap Moncler Sale | 12/06/2011 at 02:14 AM
All of the sci-fi stories pointed to a shorter work week, more leisure time and industries developing around increased leisure time coupled with the income to enjoy it.
Posted by: Cheap Air Max | 12/06/2011 at 02:17 AM
We have nothing like that in place or even in mind. Instead those desperate for any kind of job are to work longer hours for less pay and be appreciative for their opportunity.
Posted by: Air Force One | 12/06/2011 at 02:20 AM
The bitter truth is that the employment prospects for a recent college grad are far more grim, especially full-time employment in their field of study.
Posted by: Christian Louboutin UK | 12/06/2011 at 02:21 AM
The Occupy Movement and everyone else worried about earnings inequality should be emphasizing the need to find ways to encourage more high school dropouts and high school graduates to get the required background and study habits so that they can, and want to, continue on for a college education.
Posted by: Air Max 2011 | 12/06/2011 at 02:29 AM
There‘s always going to be people that hurt you so what you have to do is keep on trusting and just be more careful about who you trust next time around.
Posted by: Monster Beats Dre | 12/06/2011 at 02:31 AM
As compared to the post-World War II era, Americans with high school diplomas today are much less likely to find manufacturing jobs, because there are 2-3 billion people in emerging economies with similar skills who are willing to work more cheaply in order to have a shot at attaining a middle class standard of living.
Posted by: Monster Beats Studio | 12/06/2011 at 02:32 AM
Global demographics instruct that manufacturing job growth in nations with emerging economies will continue to outpace manufacturing job growth in America.
Posted by: Cheap Scarf Online | 12/06/2011 at 02:40 AM