from tHEORetically Speaking: The HealthEconomics.Com Blog at http://bit.ly/2vPrY9W on August 9, 2017 at 05:19PM
A group of Icelandic and American economists put their heads together in an attempt to calculate what price people will pay to be pain-free.
- How satisfied are they with their life?
- What was their income in the past year?
- “Are you often troubled with pain?”
According to the study’s authors, posing those questions offers a less overt way of asking: “Consider your overall satisfaction with life being often troubled by pain, what would you be willing to pay to be just as happy but without pain?”
The researchers through their formulas came to the conclusion people would be willing to pay between $56 – $145 per day, according to the Post.
“Recall that the median household income is about $56,000, and the trade-off becomes stark: Some people would theoretically be willing to give up their entire livelihoods to be pain-free,” the Post reports.