Assessing the use of pseudo-panels to estimate the value of statistical life

Felipe Vasquez-Lavin, Luna Bratti, Sergio Orrego and Manuel Barrientos
Authors registered in the RePEc Author Service: Felipe A. Vásquez Lavín

Applied Economics, 2022, vol. 54, issue 34, 3972-3988

Abstract: In this paper, we estimate the Value of Statistical Life (VSL) for Chile, Colombia, and the United States using a hedonic wage model and a pseudo-panel approach. The VSL is a major component of the cost-benefit analysis of many policies, including public health, transportation safety, and environmental regulation. Using pseudo-panels, also known as synthetic cohort data, to estimate the VSL is relevant for low- and middle-income countries because many do not have panel data but do have repeated cross-sectional information. We conclude that the pseudo-panel approach is a suitable alternative for estimating the VSL when panel data is unavailable.

Date: 2022
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DOI: 10.1080/00036846.2021.2019186

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