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Regional Differences in the Value of Statistical Life

Author

Listed:
  • Hua Zan

    (University of Hawaii at Manoa)

  • Robert L. Scharff

    (The Ohio State University)

Abstract

The value of statistical life (VSL) is a measure of people’s willingness to trade off wealth for risk. With few exceptions, analysts apply uniform VSL estimates to consumer policy evaluations, regardless of the characteristics of the targeted population. Using the hedonic wage approach, this study examines regional differences in VSL in the USA, reflecting variations in wealth, demographics, and preferences across the states. Census division differences are discovered, with higher VSLs in richer divisions and lower VSLs in poorer divisions.

Suggested Citation

  • Hua Zan & Robert L. Scharff, 2017. "Regional Differences in the Value of Statistical Life," Journal of Consumer Policy, Springer, vol. 40(2), pages 157-176, June.
    • Handle: RePEc:kap:jcopol:v:40:y:2017:i:2:d:10.1007_s10603-017-9347-y
    DOI: 10.1007/s10603-017-9347-y
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    References listed on IDEAS

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    1. Joseph E. Aldy & W. Kip Viscusi, 2008. "Adjusting the Value of a Statistical Life for Age and Cohort Effects," The Review of Economics and Statistics, MIT Press, vol. 90(3), pages 573-581, August.
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    6. Thomas Kniesner & W. Viscusi & James Ziliak, 2010. "Policy relevant heterogeneity in the value of statistical life: New evidence from panel data quantile regressions," Journal of Risk and Uncertainty, Springer, vol. 40(1), pages 15-31, February.
    7. Joseph E. Aldy & W. Kip Viscusi, 2007. "Age Differences in the Value of Statistical Life: Revealed Preference Evidence," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 1(2), pages 241-260, Summer.
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    9. Viscusi, W Kip, 1993. "The Value of Risks to Life and Health," Journal of Economic Literature, American Economic Association, vol. 31(4), pages 1912-1946, December.
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    14. repec:reg:rpubli:282 is not listed on IDEAS
    15. Viscusi, W Kip, 2003. "Racial Differences in Labor Market Values of a Statistical Life," Journal of Risk and Uncertainty, Springer, vol. 27(3), pages 239-256, December.
    16. Hammitt James K. & Robinson Lisa A, 2011. "The Income Elasticity of the Value per Statistical Life: Transferring Estimates between High and Low Income Populations," Journal of Benefit-Cost Analysis, De Gruyter, vol. 2(1), pages 1-29, January.
    17. Kip Viscusi, W. & Aldy, Joseph E., 2007. "Labor market estimates of the senior discount for the value of statistical life," Journal of Environmental Economics and Management, Elsevier, vol. 53(3), pages 377-392, May.
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    Cited by:

    1. N. Witvorapong & T. Komonpaisarn, 2020. "The Value of a Statistical Life in Thailand: Evidence from the Labour Market," Journal of Consumer Policy, Springer, vol. 43(3), pages 491-518, September.

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