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Estimating the Value of a Statistical Life: The Importance of Omitted Variables and Publication Bias

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Orley Ashenfelter
Michael Greenstone

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Abstract

In this paper we show that omitted variables and publication bias lead to severely biased estimates of the value of a statistical life. Although our empirical results are obtained in the context of a study of choices about road safety, we suspect that the same issues plague the estimation of monetary trade-offs regarding safety in other contexts.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10401.

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Date of creation: Apr 2004
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Handle: RePEc:nbr:nberwo:10401

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Find related papers by JEL classification:
J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income
H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate

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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.:
  1. Orley Ashenfelter & Colm Harmon & Hessel Oosterbeek, 2000. "A Review of Estimates of the Schooling/Earnings Relationship, with Tests for Publication Bias," NBER Working Papers 7457, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Black, Dan A & Kniesner, Thomas J, 2003. " On the Measurement of Job Risk in Hedonic Wage Models," Journal of Risk and Uncertainty, Springer, vol. 27(3), pages 205-20, December. [Downloadable!] (restricted)
  3. Richard Thaler & Sherwin Rosen, 1976. "The Value of Saving a Life: Evidence from the Labor Market," NBER Chapters, in: Household Production and Consumption, pages 265-302 National Bureau of Economic Research, Inc. [Downloadable!]
  4. 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!]
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  5. Glenn C. Blomquist, 2004. "Self-Protection and Averting Behavior, Values of Statistical Lives, and Benefit Cost Analysis of Environmental Policy," Review of Economics of the Household, Springer, vol. 2(1), pages 89-110, 03. [Downloadable!]
  6. repec:fth:prinin:425 is not listed on IDEAS
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(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.)

  1. Julia Fimpel & Michael Stolpe, 2006. "The Welfare Costs of HIV/AIDS in Eastern Europe: An Empirical Assessment Using the Economic Value-of-Life Approach," Kiel Working Papers 1297, Kiel Institute for the World Economy. [Downloadable!]
  2. Su Wu, 2006. "The Wallis Report and Implications of Bank Mergers for Efficiencies," Economics Series 2006_12, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance. [Downloadable!]
  3. T.D. Stanley & Chris Doucouliagous & Stephen B. Jarrell, 2006. "Meta-Regression Analysis as the Socio-Economics of Economic Research," Economics Series 2006_21, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance. [Downloadable!]
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  4. Thomas Kniesner & W. Viscusi & James Ziliak, 2006. "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)
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  5. Michael Greenstone & Justin Gallagher, 2006. "Does Hazardous Waste Matter? Evidence from the Housing Market and the Superfund Program," Working Papers 0620, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research. [Downloadable!]
    Other versions:
  6. Thomas J. Kniesner & W. Kip Viscusi & Christopher Woock & James P. Ziliak, 2006. "Pinning Down the Value of Statistical Life," Center for Policy Research Working Papers 85, Center for Policy Research, Maxwell School, Syracuse University. [Downloadable!]
    Other versions:
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