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
Authors:	Ashenfelter, Orley C. ; Greenstone, Michael
Publisher:	Bonn : Institute for the Study of Labor (IZA)
Subject:	Geschwindigkeitsbegrenzung \| Strassenverkehrsunfall \| Kosten-Nutzen-Analyse \| Sterblichkeit \| Statistischer Fehler \| Bias \| Schätzung \| Vereinigte Staaten \| value of a statistical life \| publication bias \| omitted variables bias \| speed limits \| traffic safety

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Series:	IZA Discussion Papers ; 1037
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	380020068 [GVK] hdl:10419/20272 [Handle]
Classification:	R4 - Transportation Systems ; I18 - Government Policy; Regulation; Public Health ; J17 - Value of Life; Foregone Income ; H43 - Project Evaluation; Social Discount Rate ; C8 - Data Collection and Data Estimation Methodology; Computer Programs
Source:	EconStor

Persistent link: https://www.econbiz.de/10010270566