Document Type
Working Paper
Date
2006
Keywords
public policy, value of statistical life, VSL, panel data, fatality risk measure
Language
English
Disciplines
Labor 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.
Recommended Citation
Kniesner, Thomas J.; Viscusi, W. Kip; Woock, Christopher; and Ziliak, James P., "Pinning Down the Value of Statistical Life" (2006). Center for Policy Research. 80.
https://surface.syr.edu/cpr/80
Source
Metadata from RePEc
Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 License.
Additional Information
Harvest from RePEc at http://repec.org