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Author: Ikuho Kochi Publisher: ISBN: 9781109958126 Category : Languages : en Pages : 177
Book Description
This dissertation addresses two important issues in the literature estimating the Value of a Statistical Life. The first issue is the potential endogeneity bias in cross-section hedonic wage models. The second issue is the transferability of the VSL between different policy contexts.
Author: W. Kip Viscusi Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
A substantial literature over the past thirty years has evaluated tradeoffs between money and fatality risks. These values in turn serve as estimates of the value of a statistical life. This article reviews more than 60 studies of mortality risk premiums from ten countries and approximately 40 studies that present estimates of injury risk premiums. This critical review examines a variety of econometric issues, the role of unionization in risk premiums, and the effects of age on the value of a statistical life. Our meta-analysis indicates an income elasticity of the value of a statistical life from about 0.5 to 0.6. The paper also presents a detailed discussion of policy applications of these value of a statistical life estimates and related issues, including risk-risk analysis.
Author: Ikuho Kochi Publisher: ISBN: Category : Hazardous occupations Languages : en Pages : 0
Book Description
This dissertation addresses two important issues in the literature estimating the Value of a Statistical Life. The first issue is the potential endogeneity bias in cross-section hedonic wage models. The second issue is the transferability of the VSL between different policy contexts. To address the first issue, we estimate cross-section and panel hedonic wage models to identify the bias due to the time-invariant worker heterogeneity. We also consider potential endogeneity bias due to measurement error associated with risk variable, time-variant worker heterogeneity and simultaneity between wage and risk in panel models. We obtain labor market data from the 1996 Survey of Income and Program Participation panel, and occupational fatal risk data from Scotton (2000). We find that the cross-section hedonic wage model is significantly biased upward due to unobserved time-invariant worker heterogeneity, but not from time-variant worker heterogeneity or simultaneity between wage and risk. Our results are sensitive to the inclusion of industry variables, but not sensitive to the sample of workers used in estimation. To address the second issue, we examine whether or not workers and firms differentiate heterogeneous risks to determine the risk-wage compensation levels. We focus on two very different fatal risks in terms of the degree of workers' control over the risk and the degree of dread associated with risk: violent assaults and risks related to non-violent events. We use occupational drivers to mitigate potential unobserved heterogeneity of job characteristics and measurement error associated with risk variables. The labor market data comes from the basic CPS, and the occupation-geographic specific risk rates for each cause of death are created from the non-public Census of Fatal Occupational Injuries. We find that occupational drivers require larger compensation to accept a marginal increase of violent risk as compared to non-violent risk. This is true for both fatal and non-fatal risks. Our results are quite robust. This study suggests that current direct use of VSL obtained from hedonic wage studies in benefit estimation of various governmental programs should be reconsidered.
Author: Brandon Posner Publisher: ISBN: Category : College students Languages : en Pages : 76
Book Description
The Value of Statistical Life (VSL) is used in policy analysis to calculate the benefit of risk-reducing policy initiatives. College students are currently overlooked in the literature, for no college student-specific VSL estimate exists. In this study, I discuss why VSL estimates for the general population cannot be applied to college students. I also derive a college student-specific VSL using a willingness-to-pay survey. I found that payment vehicle has a large impact on students' willingness-to-pay for risk reduction, and college student VSLs are substantially lower than those of the general population.
Author: Henry Wyldbore Rumsey Publisher: ISBN: 9781436837729 Category : Languages : en Pages : 340
Book Description
This scarce antiquarian book is a facsimile reprint of the original. Due to its age, it may contain imperfections such as marks, notations, marginalia and flawed pages. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions that are true to the original work.
Author: H. Spencer Banzhaf Publisher: ISBN: Category : Languages : en Pages :
Book Description
The Value of Statistical Life (VSL) is arguably the most important number in benefit-cost analyses of environmental, health, and transportation policies. However, agencies have used a wide range of VSL values. One reason may be the embarrassment of riches when it comes to VSL studies. While meta-analysis is a standard way to synthesize information across studies, we now have multiple competing meta-analyses and reviews. Thus, to analysts, picking one such meta-analysis may feel as hard as picking a single "best study." This paper responds by taking the meta-analysis another step, estimating a meta-analysis (or mixture distribution) of six meta-analyses. The baseline model yields a central VSL of $7.0m, with a 90% confidence interval of $2.4m to $11.2m. The provided code allows users to easily change subjective weights on the studies, add new studies, or change adjustments for income, inflation, and latency.
Author: Joseph E. Aldy Publisher: ISBN: Category : Economics Languages : en Pages : 44
Book Description
This paper develops a life-cycle model in which workers choose both consumption levels and job fatality risks, implying that the effect of age on the value of life is ambiguous. The empirical analysis of this relationship uses novel, age-dependent fatal and nonfatal risk variables. Workers' value of statistical life exhibits an inverted U-shaped relationship over workers' life cycle based on hedonic wage model estimates, age-specific hedonic wage estimates, and a minimum distance estimator. The value of statistical life for a 60-year old ranges from $2.5 million to $3.0 million -- less than half the value for 30 to 40-year olds.
Author: Ikuho Kochi
Author: W. Kip Viscusi
Author: Ikuho Kochi
Author: Brandon Posner
Author: Henrik Andersson
Author: Henry Wyldbore Rumsey
Author: H. Spencer Banzhaf
Author: 
Author: Joseph E. Aldy
Author: Anna Alberini
Author: