RDLYRandom Defect Limited Yield
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where RDLY is the rate of time disounting for life years whose formal definition is provided in Appendix A.
With the additive model RDLY = RD, thus, it is correct to use the discount rate inferred from empirical studies on consumption smoothing to estimate the welfare equivalent of a statistical life.
7 1-[gamma]) (b) Average MRA 0 0 0 Average RDLY 1% 3% 5% Recursive Average RD Model 1% 3% 5% Var.