I agree that "there is nothing wrong in principle with people wanting to trade off life expectancy against the pleasure of engaging in activities that happen to be risky." Indeed, this can also explain part of the mortality-income difference. It makes more sense to give up current pleasures for future lifetime if that future is well-financed than if it is one of possible penury. See "Low Income and Poor Health Choices: The Example of Smoking" American Journal of Agricultural Economics 2010 92(4)