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Regional Differences in the Value of Statistical Life

Hua Zan () and Robert L. Scharff ()
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Hua Zan: University of Hawaii at Manoa
Robert L. Scharff: The Ohio State University

Journal of Consumer Policy, 2017, vol. 40, issue 2, 157-176

Abstract: Abstract The value of statistical life (VSL) is a measure of people’s willingness to trade off wealth for risk. With few exceptions, analysts apply uniform VSL estimates to consumer policy evaluations, regardless of the characteristics of the targeted population. Using the hedonic wage approach, this study examines regional differences in VSL in the USA, reflecting variations in wealth, demographics, and preferences across the states. Census division differences are discovered, with higher VSLs in richer divisions and lower VSLs in poorer divisions.

Keywords: Value of statistical life; Regional differences; Policy evaluation; Census division; Income elasticity (search for similar items in EconPapers)
Date: 2017
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Handle: RePEc:kap:jcopol:v:40:y:2017:i:2:d:10.1007_s10603-017-9347-y