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The Valuation of Risks to Life: Evidence from the Market for Automobiles

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  • Atkinson, Scott E
  • Halvorsen, Robert
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    Abstract

    Using hedonic regression techniques, estimates of the willingness-to-pay for changes in the risks of dying can be inferred from actual behavior in market situations involving risk-dollar tradeoffs. Thaler and Rosen (1975) pioneered this approach, obtaining estimates of the value of a statistical life using labor market data, in this paper we use the hedonic technique to obtain the first estimates of the value of a statistical life from data on the market for automobiles. Our estimated value of a statistical life for the sample as a whole is $3.357 million 1986 dollars. Copyright 1990 by MIT Press.

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    Bibliographic Info

    Article provided by MIT Press in its journal Review of Economics & Statistics.

    Volume (Year): 72 (1990)
    Issue (Month): 1 (February)
    Pages: 133-36

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    Handle: RePEc:tpr:restat:v:72:y:1990:i:1:p:133-36

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    Web page: http://mitpress.mit.edu/journals/

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    Web: http://mitpress.mit.edu/journal-home.tcl?issn=00346535

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