Fixed‐effects Hedonic Price Model for Statistical Value of Live Estimations

Pere Riera, Abir Mhawej, Robert Mavsar and Raul Brey

Transport Reviews, 2005, vol. 26, issue 4, 487-500

Abstract: Relatively little attention has been given to the differences in value of statistical life (VSL) from developed and less developed countries. The paper derives a cross‐countries VSL estimate based on road fatality accidents and it provides a test to check for such differences. Estimations were obtained from a fixed‐effect hedonic price model applied to a panel of data using new and second‐hand car prices from 27 countries as a dependent variable. The VSL estimate of e6.63 million is in line with results from other studies; and the income elasticity of VSL between countries is close to unity, implying that VSL is approximately proportional to income.

Date: 2005
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DOI: 10.1080/01441640600602336

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