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Age Variations in Workers' Value of Statistical Life Author info | Abstract | Publisher info | Download info | Related research | Statistics Joseph E. Aldy
W. Kip Viscusi
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This paper develops a life-cycle model in which workers choose both consumption levels and job fatality risks, implying that the effect of age on the value of life is ambiguous. The empirical analysis of this relationship uses novel, age-dependent fatal and nonfatal risk variables. Workers' value of statistical life exhibits an inverted U-shaped relationship over workers' life cycle based on hedonic wage model estimates, age-specific hedonic wage estimates, and a minimum distance estimator. The value of statistical life for a 60-year old ranges from $2.5 million to $3.0 million -- less than half the value for 30 to 40-year olds.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
10199.
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Date of creation: Jan 2004Date of revision:
Handle: RePEc:nbr:nberwo:10199Note: HE LS LEContact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A. Phone: 617-868-3900 Email: Web page: http://www.nber.org More information through EDIRC
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Find related papers by JEL classification: J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income I12 - Health, Education, and Welfare - - Health - - - Health Production
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Dreyfus, Mark K & Viscusi, W Kip, 1995.
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Antoine Bommier & Bertrand Villeneuve, 2004.
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CESifo Working Paper No. , CESifo GmbH.
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Anup Malani & Charles Mullin, .
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American Law & Economics Association Annual Meetings
1070, American Law & Economics Association.
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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).
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"Life-Cycle Consumption and the Age-Adjusted Value of Life ,"
Contributions to Economic Analysis & Policy ,
Berkeley Electronic Press, vol. 5(1), pages 1524-1524.
[Downloadable!] (restricted)
Other versions: Aldy, Joseph E. & Viscusi, W. Kip, 2006.
"Adjusting the Value of a Statistical Life for Age and Cohort Effects ,"
Discussion Papers
dp-06-19, Resources For the Future.
[Downloadable!]
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: Robert E. Hall & Charles I. Jones, 2005.
"The value of life and the rise in health spending ,"
Proceedings ,
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Other versions:
Robert E. Hall & Charles I. Jones, 2004.
"The Value of Life and the Rise in Health Spending ,"
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10737, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Robert E Hall & Charles I Jones, 2007.
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[Downloadable!] (restricted) Anup Malani, .
"The Effect of Joint and Several Liability on the Bankruptcy Rate of Defendants: Evidence from Asbestos Ligation ,"
University of Virginia John M. Olin Program for Law & Economics Working Paper Series
uvalwps-1010, University of Virginia School of Law.
[Downloadable!]
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