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Skill and the Value of Life

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Author Info
Jason F. Shogren
Tommy Stamland

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Abstract

The value of statistical life (VSL) can be inferred through real-world wagefatality risk trade-offs made across different occupations. This paper shows that the VSL based on the wage-risk trade-off tends to be biased upward if it does not account for the diversity of workers' unobservable skill to cope privately with job risk. This upward bias arises because the highest required wage differential among the workers is divided by their average risk across the population.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 110 (2002)
Issue (Month): 5 (October)
Pages: 1168-1197
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ucp:jpolec:v:110:y:2002:i:5:p:1168-1197

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  1. Sandra Schaffner & Hannes Spengler, 2005. "Der Einfluss unbeobachteter Heterogenität auf kompensatorische Lohndifferentiale und den Wert eines statistischen Lebens: eine mikroökonometrische Parallelanalyse mit IABS und SOEP," Discussion Papers of DIW Berlin 539, DIW Berlin, German Institute for Economic Research. [Downloadable!]
    Other versions:
  2. Thomas J. Kniesner & W. Kip Viscusi & Christopher Woock & James P. Ziliak, 2005. "How Unobservable Productivity Biases the Value of a Statistical Life," NBER Working Papers 11659, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Hannes Spengler & Sandra Schaffner, 2007. "Using Job Changes to Evaluate the Bias of the Value of a Statistical Life," Ruhr Economic Papers 0014, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen. [Downloadable!]
    Other versions:
  4. Thomas DeLeire & Christopher Timmins, 2008. "Roy Model Sorting and Non-Random Selection in the Valuation of a Statistical Life," NBER Working Papers 14364, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Mary Evans & V. Kerry Smith, 2008. "Complementarity and the Measurement of Individual Risk Tradeoffs: Accounting for Quantity and Quality of Life Effects," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 41(3), pages 381-400, November. [Downloadable!] (restricted)
    Other versions:
  6. Thomas J. Kniesner & W. Kip Viscusi & Christopher Woock & James P. Ziliak, 2007. "Pinning Down the Value of Statistical Life," IZA Discussion Papers 3107, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  7. Viscusi, W. Kip & Aldy, Joseph, 2006. "Labor Market Estimates of the Senior Discount for the Value of Statistical Life," Discussion Papers dp-06-12, Resources For the Future. [Downloadable!]
    Other versions:
  8. Beat Hintermann & Anna Alberini & Anil Markandya, 2006. "Estimating the Value of Safety with Labor Market Data: Are the Results Trustworthy?," Working Papers 2006.119, Fondazione Eni Enrico Mattei. [Downloadable!]
  9. Hannes Spengler, 2004. "Kompensatorische Lohndifferenziale und der Wert eines statistischen Lebens in Deutschland," Darmstadt Discussion Papers in Economics 133, Institut für Volkswirtschaftslehre (Department of Economics), Technische Universität Darmstadt (Darmstadt University of Technology). [Downloadable!]
  10. Martinez Perez, Jorge Eduardo & Mendez Martinez, Ildefonso, 2008. "¿Qué podemos saber sobre el Valor Estadístico de la Vida en España utilizando datos laborales?," MPRA Paper 11165, University Library of Munich, Germany. [Downloadable!]
  11. Isabell Goldberg & Jutta Roosen & Rodolfo M. Nayga, 2009. "Parental response to health risk information: experimental results on willingness-to-pay for safer infant milk formula," Health Economics, John Wiley & Sons, Ltd., vol. 18(5), pages 503-518. [Downloadable!]
  12. Strand, Jon, 2009. "Valuing statistical lives from observations of speed limits and driving behavior," HERO On line Working Paper Series 2003:21, Oslo University, Health Economics Research Programme. [Downloadable!]
  13. Dora L. Costa & Matthew E. Kahn, 2002. "Changes in the Value of Life: 1940-1980," NBER Working Papers 9396, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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