The fatality and morbidity components of the value of statistical life

Elissa Philip Gentry and W Viscusi

Journal of Health Economics, 2016, vol. 46, issue C, 90-99

Abstract: The fatality risk–money tradeoff that is the value of a statistical life (VSL) may vary with the nature of the fatality event. While all fatalities involve loss of future life expectancy, the morbidity effects and their duration may differ. This article analyzes fatality risks accompanied by morbidity effects of different duration to disentangle the mortality and morbidity components of VSL using data from the Census of Fatal Occupational Injuries (CFOI). The VSL is comprised of the sum of the value of the fatality risk and the value of the morbidity risk. Labor market valuations of morbidity risks are positive, even for fatalities that are caused by traumatic injuries. The value of the fatality risk is the dominant component of VSL, rather than the value of the morbidity risk.

Keywords: Value of a statistical life; Fatality; Morbidity; Census of Fatal Occupational Injuries; VSL (search for similar items in EconPapers)
JEL-codes: I10 I18 J17 J28 K32 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (18)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jhecon:v:46:y:2016:i:c:p:90-99

DOI: 10.1016/j.jhealeco.2016.01.011

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