University of Iceland
Faculty of Business Administration
Oddi v. Sturlugotu
Institutional Affiliation: University of Iceland
NBER Working Papers and Publications
|August 2017||Valuing Pain using the Subjective Well-being Method|
with , : w23649
Chronic pain clearly lowers utility, but it is empirically challenging to estimate the monetary compensation needed to offset this utility reduction. We use the subjective well-being method to estimate the value of pain relief among individuals age 50 and older. We use a sample of 64,205 observations from 4 waves (2008-2014) of the Health and Retirement Study, a nationally representative individual-level survey data, permitting us to control for individual heterogeneity. Our models, which allow for nonlinear effects in income, show the value of avoiding pain ranging between 56 to 145 USD per day. These results are lower than previously reported, suggesting that the value of pain relief varies by income levels. Thus, previous estimates of the value of pain relief assuming constant monetary ...
Published: Thorhildur Ólafsdóttir & Tinna Laufey Ásgeirsdóttir & Edward C. Norton, 2019. "Valuing Pain using the Subjective Well-being Method," Economics & Human Biology, . citation courtesy of
|July 2012||Are Recessions Good for Your Health Behaviors? Impacts of the Economic Crisis in Iceland|
with , , , : w18233
This study exploits the October 2008 economic crisis in Iceland to identify the effects of a macroeconomic downturn on a range of health behaviors. Using longitudinal survey data that include pre- and post- reports from the same individuals, we investigate the effects of the crisis on smoking, heavy drinking, dietary behaviors, sleep, and other health behaviors and investigate changes in work hours, real income, wealth, and mental health as potential mediators. We also consider the role of prices in shaping health behaviors and compute participation elasticities for the various behaviors. We find that the crisis led to reductions in all health-compromising behaviors examined and that it led to reductions in certain health-promoting behaviors but increases in others. The individual-level me...
- Ásgeirsdóttir, T., Corman, H., Noonan, K., Ólafsdóttir, Þ., Reichman, N. (2014). "Was the Economic Crisis of 2008 Good for Icelanders? Impact on Health Behaviors." Economics and Human Biology 13: 1– 19,
- Pp. 111–157 in David McDaid & Cary L. Cooper (eds.). Wellbeing: A Complete Reference Guide, Vol. V: Economics and Wellbeing. UK: Wiley-Blackwell.