Estimating the Value of a Statistical Life: The Importance of Omitted Variables and Publication Bias

In this paper we show that omitted variables and publication bias lead to severely biased estimates of the value of a statistical life. Although our empirical results are obtained in the context of a study of choices about road safety, we suspect that the same issues plague the estimation of monetary trade-offs regarding safety in other contexts.

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Year of publication:	2004-03
Authors:	Ashenfelter, Orley ; Greenstone, Michael
Institutions:	Institute for the Study of Labor (IZA)
Subject:	value of a statistical life \| publication bias \| omitted variables bias \| speed limits \| traffic safety

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Extent:	application/pdf
Series:	IZA Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	Number 1037 17 pages
Classification:	J17 - Value of Life; Foregone Income ; C8 - Data Collection and Data Estimation Methodology; Computer Programs ; H43 - Project Evaluation; Social Discount Rate ; I18 - Government Policy; Regulation; Public Health ; R4 - Transportation Systems
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005822645