two ways to ask the question: either in terms of “willingness to pay” or “willingness to accept.” The first asks how much you would pay to reduce your probability of dying next year by some amount, say by one chance in a thousand. The second asks how much cash you would demand to increase the risk of dying by the same amount. To put these numbers in some context, a fifty-year-old resident of the United States faces a roughly 4-in-1,000 risk of dying each year.
