Estimating the Value of a Statistical Life: The Importance of Omitted Variables and Publication Bias
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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Volume (Year): 94 (2004)
Issue (Month): 2 (May)
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"A Review of Estimates of the Schooling/ Earnings Relationship, with tests for Publication Bias,"
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- Dan A. Black & Thomas K. Kniesner, 2003. "On the Measurement of Job Risk in Hedonic Wage Models," NCEE Working Paper Series 200306, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Aug 2003.
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- 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.
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- Ashenfelter, Orley & Greenstone, Michael, 2002. "Using Mandated Speed Limits to Measure the Value of a Statistical Life," IZA Discussion Papers 571, Institute for the Study of Labor (IZA).
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