Age Differences in the Value of Statistical Life: Revealed Preference Evidence

Joseph Aldy and W Viscusi

Review of Environmental Economics and Policy, 2007, vol. 1, issue 2, 241-260

Abstract: Revealed preference evidence, especially based on wage-risk tradeoffs in the labor market, provides the primary empirical basis for analyses of the value of statistical life (VSL). This market evidence also provides guidance on how VSL varies with age. While labor market studies have generated conflicting evidence—some showing that VSL rises with age and others showing that VSL declines with age—more refined estimates that take into account the age variation in job fatality risks or life-cycle patterns of consumption show an inverted U relation between the VSL and age. The value of a statistical life-year shows a similar pattern and is not time-invariant. Applying estimates of the VSL-age relationship to an analysis of the Clear Skies initiative illustrates the implications of recognizing the age-VSL relationship. Copyright 2007, Oxford University Press.

Date: 2007
References: Add references at CitEc
Citations: View citations in EconPapers (94)

Downloads: (external link)
http://hdl.handle.net/10.1093/reep/rem014 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Age Differences in the Value of Statistical Life: Revealed Preference Evidence (2007)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:renvpo:v:1:y:2007:i:2:p:241-260

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

Review of Environmental Economics and Policy is currently edited by Robert Stavins

More articles in Review of Environmental Economics and Policy from Association of Environmental and Resource Economists Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK. Contact information at EDIRC.
Bibliographic data for series maintained by Oxford University Press ().