the potential stream of output that could have been produced over the course of a lifetime without premature death (in this case, due to cancer). This method values productivity loss as the present value of foregone future income, with lost income acting as a proxy for lost output ( Berger et al., 2001 ; Tarricone, 2006 ). In a number of seminal studies, Rice (1966 , 1967) calculated disease-related morbidity and mortality costs by assessing illness burden in terms of the flow of goods and services foregone in the US. Further development of this conceptual
. Neoclassical economists developed lifetime consumption models and regret theory that were used to investigate pension decision-making.
Bounded rationality is used to ‘…designate rational choice that takes into account the cognitive limitations of the decision-maker—limitations of both knowledge and computational capacity’ ( Simon, 2008 : 893). Building on the work of Simon, behavioural psychologists and economists argue that heuristics and biases commonly observed in decision-making are evidence of predictable departures from rational choice models. Furthermore, the