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Self-Protection and Averting Behavior, Values of Statistical Lives, and Benefit Cost Analysis of Environmental Policy

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Author Info
Glenn C. Blomquist ()

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Abstract

Situations in which risk is at least partly a matter of choice provide opportunities to analyze behavior and estimate the willingness to pay for small changes in mortality risks. Individuals engage in household production of health and safety as long as the value of the gain in risk reduction is worth the money, time, and any disutility necessary to produce the reduction in risk. This paper reviews values of statistical life inferred from choices about highway speeds, traveler use of protective equipment, crashworthiness of motor vehicles, and housing location near Superfund sites. The best estimates, close to $4 million in year 2000 dollars, are valuable complements to estimates from labor and constructed markets. Interestingly some evidence suggests that values for children and seniors are not less than middle-aged adults. Issues of risk perception and other challenges related to estimation are discussed.

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File URL: http://journals.kluweronline.com/issn/1569-5239/contents
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Publisher Info
Article provided by Springer in its journal Review of Economics of the Household.

Volume (Year): 2 (2004)
Issue (Month): 1 (03)
Pages: 89-110
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:kap:reveho:v:2:y:2004:i:1:p:89-110

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Web page: http://www.springerlink.com/link.asp?id=109451

For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).

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  1. Orley Ashenfelter, 2005. "Measuring the Value of a Statistical Life: Problems and Prospects," Working Papers 884, Princeton University, Department of Economics, Industrial Relations Section.. [Downloadable!]
    Other versions:
  2. John C. Whitehead & Subhrendu K. Pattanayak & George L. Van Houtven & Brett R. Gelso, . "Combining Revealed and Stated Preference Data to Estimate the Nonmarket Value of Ecological Services: An Assessment of the State of the Science," Working Papers 05-19, Department of Economics, Appalachian State University. [Downloadable!]
    Other versions:
  3. Andersson, Henrik, 2006. "Willingness to Pay for Road Safety and Estimates of the Risk of Death: Evidence from a Swedish Contingent Valuation Study," Working Papers 2006:5, Swedish National Road & Transport Research Institute (VTI).
  4. Orley Ashenfelter & Michael Greenstone, 2004. "Estimating the Value of a Statistical Life: The Importance of Omitted Variables and Publication Bias," American Economic Review, American Economic Association, vol. 94(2), pages 454-460, May. [Downloadable!]
    Other versions:
  5. Orley Ashenfelter & Michael Greenstone, 2002. "Using Mandated Speed Limits to Measure the Value of a Statistical Life," Working Papers 842, Princeton University, Department of Economics, Industrial Relations Section.. [Downloadable!]
    Other versions:
  6. Henry S. Farber, 1977. "Individual Preferences and Union Wage Determination: The Case of the United Mine Workers," Working Papers 479, Princeton University, Department of Economics, Industrial Relations Section.. [Downloadable!]
  7. Winslott Hiselius, Lena, 2003. "The Value of Road and Railway Safety - an Overview," Working Papers 2003:13, Lund University, Department of Economics. [Downloadable!]
  8. Andersson, Henrik & Lundborg, Petter, 2006. "Perception of Own Death Risk: An Analysis of Road-Traffic and Overall Mortality Risks," Working Papers 2006:1, Swedish National Road & Transport Research Institute (VTI).
  9. Mark R. Killingsworth, 1976. "Wage Data and Estimation of the Labor Supply Function," Working Papers 463, Princeton University, Department of Economics, Industrial Relations Section.. [Downloadable!]
  10. Svensson, Mikael, 2007. "Precautionary Behavior and Willingness to Pay for a Mortality Risk Reduction:Searching for the Expected Relationship," Working Papers 2007:3, Örebro University, Swedish Business School, revised 18 Feb 2008.
  11. Anna Alberini & Aline Chiabai, 2006. "Urban Environmental Health and Sensitive Populations: How Much Are the Italians Willing to Pay to Reduce Their Risks?," ERSA conference papers ersa06p293, European Regional Science Association. [Downloadable!]
    Other versions:
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This page was last updated on 2009-11-25.

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