Changes in the Value of Life, 1940--1980
AbstractWe present the first nationwide value of life estimates for the United States at more than one point in time. Our estimates are for every ten years between 1940 and 1980, a period when declines in fatal accident rates were historically unprecedented. Our estimated elasticity of value of life with respect to per capita GNP is 1.5 to 1.7. We illustrate the importance of rising value of life for policy evaluation by examining the benefits of improved longevity since 1900. Our estimated elasticity implies that the current marginal increase in longevity is more valuable than the large increase in the first half of the twentieth century.
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Bibliographic InfoArticle provided by Springer in its journal Journal of Risk and Uncertainty.
Volume (Year): 29 (2004)
Issue (Month): 2 (09)
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Web page: http://www.springerlink.com/link.asp?id=100299
Other versions of this item:
- J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income
- J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy
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