The Valuation of Risks to Life: Evidence from the Market for Automobiles

Scott Atkinson and Robert Halvorsen

The Review of Economics and Statistics, 1990, vol. 72, issue 1, 133-36

Abstract: Using hedonic regression techniques, estimates of the willingness-to-pay for changes in the risks of dying can be inferred from actual behavior in market situations involving risk-dollar tradeoffs. Thaler and Rosen (1975) pioneered this approach, obtaining estimates of the value of a statistical life using labor market data, in this paper we use the hedonic technique to obtain the first estimates of the value of a statistical life from data on the market for automobiles. Our estimated value of a statistical life for the sample as a whole is $3.357 million 1986 dollars. Copyright 1990 by MIT Press.

Date: 1990
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