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The Value of a Statistical Life: A Critical Review of Market Estimates Throughout the World
 Journal of Risk and Uncertainty
, 2003
"... 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 studi ..."
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Cited by 283 (27 self)
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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 metaanalysis 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 riskrisk analysis.
An empirical Bayes approach to combining and comparing estimates of the value of a statistical life for environmental policy analysis,‟
 Environmental and Resource Economics,
, 2006
"... Abstract. An empirical Bayes pooling method is used to combine and compare estimates of the value of a statistical life (VSL). The data come from 40 selected studies published between 1974 and 2002, containing 197 VSL estimates. The estimated composite distribution of empirical Bayes adjusted VSL h ..."
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Cited by 34 (0 self)
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Abstract. An empirical Bayes pooling method is used to combine and compare estimates of the value of a statistical life (VSL). The data come from 40 selected studies published between 1974 and 2002, containing 197 VSL estimates. The estimated composite distribution of empirical Bayes adjusted VSL has a mean of $5.4 million and a standard deviation of $2.4 million. The empirical Bayes method greatly reduces the variability around the pooled VSL estimate. The pooled VSL estimate is influenced by the choice of valuation method, study location, and union status of sample but not to the source of data on occupational risk or the consideration of nonfatal risk injury.
The Value of Statistical Life in Road Safety: A MetaAnalysis
, 2000
"... Accident costs are an important component of external costs of traffic, a substantial part is related to fatal accidents. The evaluation of fatal accident costs crucially depends on the availability of an estimate for the economic value of a statistical life. The aim of the current paper is to prese ..."
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Cited by 18 (1 self)
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Accident costs are an important component of external costs of traffic, a substantial part is related to fatal accidents. The evaluation of fatal accident costs crucially depends on the availability of an estimate for the economic value of a statistical life. The aim of the current paper is to present an overview of estimates contained in the empirical literature on the economic valuation of statistical life in road safety. Metaanalysis is used to determine which variables are appropriate to explain the variance of the value of statistical life (VOSL) estimates. The analysis shows, among other things, that the magnitude of estimates of the VOSL depends on the research method, as there is a significant difference between stated and revealed preference studies. It also shows that VOSL estimates cannot simply be averaged over studies, as the magnitude of a VOSL estimate is directly related to the initial level of risk to be caught up in a fatal traffic accident as well as the risk declin...
The Rationality of Automobile Seatbelt Usage: The Value of Statistical Life and Fatality Risk Beliefs
"... This article examines the rationality of seatbelt usage using an original data set of 465 adult respondents. People with high stated values of statistical life, who do not smoke, and who have risk beliefs that are highly elastic with respect to actual risks are more likely to use seatbelts, as econo ..."
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Cited by 7 (1 self)
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This article examines the rationality of seatbelt usage using an original data set of 465 adult respondents. People with high stated values of statistical life, who do not smoke, and who have risk beliefs that are highly elastic with respect to actual risks are more likely to use seatbelts, as economic theory predicts. Respondents ’ stated values of statistical life were similar on average to the value of life range of $2.2 million to $7.9 million computed from their revealed preferences for seatbelt usage, providing empirical support for the mutual consistency of these two approaches. Key Words: seatbelts, value of statistical life, risk
StateDependent Utility And Decision Theory
, 2000
"... Contents 1 Technical Summary 9 2 Introduction, Retrospect and Preview 11 2.1 Retrospect: Theory 11 2.2 Retrospect: Applications and Moral Hazard 13 2.3 OnePerson Games with Moral Hazard 15 2.4 Motivation and Organisation 16 3 A General Framework 18 4 Games Against Nature 20 5 Hypothetical ..."
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Cited by 4 (0 self)
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Contents 1 Technical Summary 9 2 Introduction, Retrospect and Preview 11 2.1 Retrospect: Theory 11 2.2 Retrospect: Applications and Moral Hazard 13 2.3 OnePerson Games with Moral Hazard 15 2.4 Motivation and Organisation 16 3 A General Framework 18 4 Games Against Nature 20 5 Hypothetical Preferences 22 6 Games with Moral Hazard 27 7 Conditional Expected Utility 34 7.1 Representation Theorem 34 7.2 Extensions and Remarks 37 8 Risk Aversion 40 8.1 StateIndependent Preferences, or Single Commodity 40 8.2 StateDependent Preferences, or Many Commodities 40 7 8 JACQUES H. DR#ZE AND ALDO RUSTICHINI 8.2.1 Commodity Risks 41 8.2.2 Income Risks 42 9 Applications: Life Insurance and Value of Life 43 9.1 Life Insurance 44 9.1.1 Statics 44 9.1.2 Dynamics 45 9.2 Value of Life 46 9.2.1 Theory 46 9.2.2 Empirics 48 10 Conclusion 51
The Value of Road and Railway Safety an overview
"... The level of safety investments can be argued to vary between sectors. The safety investments legally required and carried out within the railway sector indicate that there is a higher implicit value in preventing a fatality within the rail sector than within the road sector. The literature overview ..."
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The level of safety investments can be argued to vary between sectors. The safety investments legally required and carried out within the railway sector indicate that there is a higher implicit value in preventing a fatality within the rail sector than within the road sector. The literature overview discusses factors possibly influencing individuals ’ perception of risk and their willingness to trade risk for money. The study seeks to combine results, from e.g. the field of psychological studies, with work performed by economists in order to analyse whether the value of preventing a statistical life used in the road traffic sector can be argued to differ from the value used in the railway sector. The research discussed here indicates that the use of different values may be theoretically motivated. However, empirical findings presented do not confirm that the value of a statistical life used in the railway sector is many times larger than that used in the road sector. Research indicates, furthermore, that the variation of perceived risk within the context of one traffic mode may be as large as, or even larger than, the variation between different traffic contexts. The result implies that studies estimating the value of a statistical life should focus not only on disparities between transport modes per se but also on disparities between accident types.
AN EQUAL OPPORTUNITY / AFFIRMATIVE ACTION UNIVERSITYWhere Have All the Hot Goods Gone? The Role of Pawnshops
, 2003
"... Recent research argues that because markets for stolen goods act as incentives to steal, police and criminologists should shift attention from thieves to methods of disrupting demand for the goods. The underlying research, however, is too thin to support this advice. Effective policy requires consid ..."
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Recent research argues that because markets for stolen goods act as incentives to steal, police and criminologists should shift attention from thieves to methods of disrupting demand for the goods. The underlying research, however, is too thin to support this advice. Effective policy requires considerably more investigation. Analysis of pawn transaction data from Texas supports this assessment. It suggests that proposals to disrupt demand are unlikely to succeed, partly because similar actions already applied to pawnshops have shown limited effect, mainly because hot goods are invisible in the daily flow of secondhand merchandise through the general retail market. Police and criminologists should remain focused on thieves and their apprehension, and on pursuing ways to do this more efficiently, such as through improved tracking of pawn transactions. There may be other intervention possibilities as well, but much more empirical research is required to identify them. Key word list: property crime receiving stolen goods
0RVW 7, GLVFXVVLRQ SDSHUV FDQ EH GRZQORDGHG DW KWWS ZZZ WLQEHUJHQ QOThe Value of Statistical Life in Road Safety:
"... Accident costs are an important component of external costs of traffic, a substantial part is related to fatal accidents. The evaluation of fatal accident costs crucially depends on the availability of an estimate for the economic value of a statistical life. The aim of the current paper is to prese ..."
Abstract
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Accident costs are an important component of external costs of traffic, a substantial part is related to fatal accidents. The evaluation of fatal accident costs crucially depends on the availability of an estimate for the economic value of a statistical life. The aim of the current paper is to present an overview of estimates contained in the empirical literature on the economic valuation of statistical life in road safety. Metaanalysis is used to determine which variables are appropriate to explain the variance of the value of statistical life (VOSL) estimates. The analysis shows, among other things, that the magnitude of estimates of the VOSL depends on the research method, as there is a significant difference between stated and revealed preference studies. It also shows that VOSL estimates cannot simply be averaged over studies, as the magnitude of a VOSL estimate is directly related to the initial level of risk to be caught up in a fatal traffic accident as well as the risk decline implied by the research setup. JEL Classification: D12, D81, I10
KWWS ZZZ WLQEHUJHQ QORisk perception of traffic participants
"... In this paper we study the risk perception of traffic participants. Firstly, we give an overview of previously used methodologies for the monetary valuation of transport safety. These methodologies do not distinguish between the individual’s assessment of probabilities and her valuation of possible ..."
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In this paper we study the risk perception of traffic participants. Firstly, we give an overview of previously used methodologies for the monetary valuation of transport safety. These methodologies do not distinguish between the individual’s assessment of probabilities and her valuation of possible outcomes. A great disadvantage of these approaches is therefore that one has to make the assumption that people correctly perceive the probabilities. Prospect theory does not make this assumption. Our procedure, which is based on this methodology, consists of three steps. The first step is to determine the certainty equivalent for avoiding road accidents. The second step is the elicitation of the utility function. The final step is the elicitation of the probability weighting function. With this information we directly obtain the perceived value of the probability for accident Ai. The first, tentative, results show that the valuation of losses is well represented by a utility function that is concave in shape. Secondly, our preliminary results show that when people have to choose whether or not to participate in a potentially risky activity with a low probability of the “bad outcome ” (say 1/100), they base their decision on the possible outcomes of the activity rather than on the probabilities involved. The empirical conclusion is therefore that people base their final decision mainly on the possible outcomes and not so much on probabilities whenever there are very small probabilities involved