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Mon, Feb 5, 2018, noon: Wendy Manning

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Norton et al. put dollar value on relief from chronic pain for Americans age 50+

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"Economists have put a price on pain, and it’s $56-$145 a day" - Quartz. 08/09/2017.

Edward Norton and colleagues used HRS data to estimate the value to Americans age 50+ in gaining relief from chronic pain. HRS data include longitudinal measures of respondents' incomes, self-reports of chronic pain (mild, moderate or severe), and a measure of their life satisfaction on a scale of 1 to 5. The researchers estimated how much more income a person who started to experience chronic pain would need in order to report having the same life satisfaction they had before the pain started. Their results show the value of avoiding pain ranges from $56 to $145 per day, depending on income level and pain severity.

Related NBER paper

Researcher:

Edward Norton

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