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Changes in the Value of Life: 1940-1980

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Author Info
Dora L. Costa
Matthew E. Kahn

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Abstract

We present the first nation wide value of life estimates for the United States at more than one point in time. Our estimates are for every ten years between 1940 and 1980, a period when declines in fatal accident rates were historically unprecedented. Our estimated elasticity of value of life with respect to per capita GNP is 1.5 to 1.7. We illustrate the importance of rising value of life for policy evaluation by examining the benefits of improved longevity since 1900, showing that the current marginal increase in longevity is more valuable than the large increase in the first half of the twentieth century.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 9396.

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Date of creation: Dec 2002
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Handle: RePEc:nbr:nberwo:9396

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Find related papers by JEL classification:
J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income
J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy

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. Arabsheibani, G R & Marin, A, 2000. " Stability of Estimates of the Compensation for Danger," Journal of Risk and Uncertainty, Springer, vol. 20(3), pages 247-69, May. [Downloadable!] (restricted)
    Other versions:
  2. Rosen, Sherwin, 1988. " The Value of Changes in Life Expectancy," Journal of Risk and Uncertainty, Springer, vol. 1(3), pages 285-304, September.
    Other versions:
  3. Gray, Wayne B & Jones, Carol Adaire, 1991. "Are OSHA Health Inspections Effective? A Longitudinal Study in the Manufacturing Sector," The Review of Economics and Statistics, MIT Press, vol. 73(3), pages 504-08, August. [Downloadable!] (restricted)
    Other versions:
  4. Amil Petrin, 2002. "Quantifying the Benefits of New Products: The Case of the Minivan," Journal of Political Economy, University of Chicago Press, vol. 110(4), pages 705-729, August. [Downloadable!] (restricted)
  5. 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!]
  6. Dillingham, Alan E, 1985. "The Influence of Risk Variable Definition on Value-of-Life Estimates," Economic Inquiry, Oxford University Press, vol. 23(2), pages 277-94, April.
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  14. Moulton, Brent R, 1990. "An Illustration of a Pitfall in Estimating the Effects of Aggregate Variables on Micro Unit," The Review of Economics and Statistics, MIT Press, vol. 72(2), pages 334-38, May. [Downloadable!] (restricted)
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  18. Marin, Alan & Psacharopoulos, George, 1982. "The Reward for Risk in the Labor Market: Evidence from the United Kingdom and a Reconciliation with Other Studies," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 827-53, August. [Downloadable!] (restricted)
  19. Berry, Steven & Levinsohn, James & Pakes, Ariel, 1995. "Automobile Prices in Market Equilibrium," Econometrica, Econometric Society, vol. 63(4), pages 841-90, July. [Downloadable!] (restricted)
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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.)

  1. 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)
  2. Ryan D. Edwards, 2008. "The Cost of Uncertain Life Span," NBER Working Papers 14093, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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