The Economic Value of Medical Research

  title={The Economic Value of Medical Research},
  author={Kevin M. Murphy and Robert H. Topel},
Basic research is a public good, for which social returns may greatly exceed private ones. This paper develops an economic framework for evaluating the social benefits of medical research. We begin with a model of the economic value of health and life expectancy, which we apply to US data on overall and disease-specific mortality rates. We calculate (i) the social value of increased longevity that took place from 1970 to 1990 and, (ii) the social value of potential future progress against… CONTINUE READING
Highly Cited
This paper has 275 citations. REVIEW CITATIONS

From This Paper

Figures, tables, and topics from this paper.


Publications citing this paper.
Showing 1-10 of 89 extracted citations

The welfare costs of HIV/AIDS in Eastern Europe: an empirical assessment using the economic value-of-life approach

The European Journal of Health Economics • 2009
View 5 Excerpts
Method Support
Highly Influenced

Fertility and the Value of Life

View 5 Excerpts
Highly Influenced

The science commons in health research: structure, function, and value

The Journal of technology transfer • 2007
View 1 Excerpt
Highly Influenced

275 Citations

Citations per Year
Semantic Scholar estimates that this publication has 275 citations based on the available data.

See our FAQ for additional information.


Publications referenced by this paper.

“ The Value of Changes in Life Expectancy

Sherwin Rosen
Journal of Risk and Uncertainty • 1988
View 2 Excerpts

“ Efficient Labor Contracts with Employment Risk

Topel, H Robert, Finis Welch
Rand Journal of Economics • 1986

Mulligan . “ The Endogenous Determination of Time Preference . ”

S. Gary, B. Casey
Quarterly Journal of Economics