Automobile Seatbelt Usage and the Value of Statistical Life
AbstractThis article uses several within-sample tests to assess whether current seatbelt usage decisions are consistent with the stated preferences of survey respondents. The expressed survey values of statistical life are positively associated with the probability of seatbelt usage and are not statistically different from the values of statistical life implied by seatbelt usage decisions, which are in the $1.9 million to $8.4 million range. Seatbelt usage also varies in the expected manner with individual measures of heterogeneous attitudes toward risk, such as smoking status and education. Our evidence on seatbelt usage supports the view that consumers consistently balance expected safety benefits against the time and discomfort costs of seatbelt use.
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Bibliographic InfoArticle provided by Southern Economic Association in its journal Southern Economic Journal.
Volume (Year): 73 (2007)
Issue (Month): 3 (January)
Find related papers by JEL classification:
- K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics
- I1 - Health, Education, and Welfare - - Health
- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
- L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
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