Arbeitspapier
Using Job Changes to Evaluate the Bias of the Value of a Statistical Life
This paper presents a new approach to obtain unbiased estimates of the value of a statistical life (VSL) with labor market data. Investigating job changes,we combine the advantages of recent panel studies, which allow to control for unobserved heterogeneity of workers, and conventional cross-sectional estimations, which primarily exploit the variation of wage and risk between different jobs.We find a VSL of 6.1 million euros from pooled cross-sectional estimation, 1.9 million euros from the static first-differences panel model and 3.5 million euros from the job-changer specification.Thus, ignoring individual heterogeneity causes overestimates of the VSL, whereas identifying the wage-risk tradeoff not only by means of between job variation (job-changer model) but also on the basis of noisy variation on the job (panel models) may lead to underestimates of the VSL. Our results can be used to perform cost-benefit analyses of public projects aimed at reducing fatality risks, e.g., in the domains of health, environmental or traffic policy.
- ISBN
-
978-3-86788-008-4
- Sprache
-
Englisch
- Erschienen in
-
Series: Ruhr Economic Papers ; No. 14
- Klassifikation
-
Wirtschaft
Health: General
Value of Life; Forgone Income
Safety; Job Satisfaction; Related Public Policy
Law and Economics: General
- Thema
-
Value of a statistical life (VSL)
compensating wage differentials
work accidents
job changes
Mensch
Bewertung
Wert des Lebens
Bias
Arbeitsmobilität
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Spengler, Hannes
Schaffner, Sandra
- Ereignis
-
Veröffentlichung
- (wer)
-
Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
- (wo)
-
Essen
- (wann)
-
2007
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Spengler, Hannes
- Schaffner, Sandra
- Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
Entstanden
- 2007
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