Pinning Down the Value of Statistical Life
Christopher Woock () and
No 85, Center for Policy Research Working Papers from Center for Policy Research, Maxwell School, Syracuse University
Our research addresses fundamental long-standing concerns in the compensating wage differentials literature and its public policy implications: the econometric properties of estimates of the value of statistical life (VSL) and the wide range of such estimates from about $0.5 million to about $21 million. We address most of the prominent econometric issues by applying panel data, a new and more accurate fatality risk measure, and systematic selection of panel estimator in our research. Controlling for measurement error, endogeneity, individual heterogeneity, and state dependence yields both a reasonable average level and narrow range for the estimated value of a statistical life of about $5.5-$7.5 million.
JEL-codes: I12 J17 (search for similar items in EconPapers)
Pages: 29 pages
New Economics Papers: this item is included in nep-hea and nep-ias
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Working Paper: Pinning Down the Value of Statistical Life (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:max:cprwps:85
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