Document Type

Article

Date

10-2007

Keywords

tbd

Disciplines

Economics

Description/Abstract

Our research addresses fundamental long - standing concerns in the compensating wage differentials literature and its public policy implications: the econometric properties of estimates of the value of statistical life (VSL) and the wide range of such estimates from about $0.5 million to about $21 million. We address most of the prominent econometric issues by applying panel data, a new and more accurate fatality risk measure, and systematic selection of panel estimator in our research. Controlling for measurement error, endogeneity, individual heterogeneity, and state dependence yields both a reasonable average level and narrow range for the estimated value of a statistical life of about $5.5 - $7.5 million.

Additional Information

This manuscript is from the Social Studies Research Network, for more information see http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1029912#184168

Source

Harvested from ssrn.com

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