Pinning down the value of statistical life

Arbeitspapier

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.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: IZA Discussion Papers ; No. 3107

Klassifikation und Themen

• Klassifikation: Wirtschaft
• Thema: VSL ; panel data ; fixed effects ; random effects ; PSID ; Wert des Lebens ; Menschen ; Bewertung ; Panel ; Schätztheorie ; Verdienstausfall ; Schätzung ; Theorie ; USA

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Kniesner, Thomas J. ; Viscusi, William Kip ; Woock, Christopher ; Ziliak, James Patrick
• Ereignis: Veröffentlichung
• (wer): Institute for the Study of Labor (IZA)
• (wo): Bonn
• (wann): 2007

Weitere Informationen

• Handle: http://hdl.handle.net/10419/34244
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ