IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

Changes in the Value of Life, 1940--1980

  • Dora L. Costa

    ()

  • Matthew E. Kahn

We present the first nationwide 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. Our estimated elasticity implies that the current marginal increase in longevity is more valuable than the large increase in the first half of the twentieth century.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://journals.kluweronline.com/issn/0895-5646/contents
Download Restriction: no

Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 29 (2004)
Issue (Month): 2 (09)
Pages: 159-180

as
in new window

Handle: RePEc:kap:jrisku:v:29:y:2004:i:2:p:159-180
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100299

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.:

as in new window
  1. Jason F. Shogren & Tommy Stamland, 2002. "Skill and the Value of Life," Journal of Political Economy, University of Chicago Press, vol. 110(5), pages 1168-1197, October.
  2. repec:cup:cbooks:9780521429504 is not listed on IDEAS
  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.
  4. Simon, Nathalie B. & Cropper, Maureen L. & Alberini, Anna & Arora, Seema, 1999. "Valuing mortality reductions in India : a study of compensating wage differentials," Policy Research Working Paper Series 2078, The World Bank.
  5. 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.
  6. Berry, Steven & Levinsohn, James & Pakes, Ariel, 1995. "Automobile Prices in Market Equilibrium," Econometrica, Econometric Society, vol. 63(4), pages 841-90, July.
  7. 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.
  8. Siebert, W Stanley & Wei, X, 1994. "Compensating Wage Differentials for Workplace Accidents: Evidence for Union and Nonunion Workers in the UK," Journal of Risk and Uncertainty, Springer, vol. 9(1), pages 61-76, July.
  9. Hwang, Hae-shin & Reed, W Robert & Hubbard, Carlton, 1992. "Compensating Wage Differentials and Unobserved Productivity," Journal of Political Economy, University of Chicago Press, vol. 100(4), pages 835-58, August.
  10. Viscusi, W Kip, 1978. "Wealth Effects and Earnings Premiums for Job Hazards," The Review of Economics and Statistics, MIT Press, vol. 60(3), pages 408-16, August.
  11. Cousineau, Jean-Michel & Lacroix, Robert & Girard, Anne-Marie, 1992. "Occupational Hazard and Wage Compensating Differentials," The Review of Economics and Statistics, MIT Press, vol. 74(1), pages 166-69, February.
  12. Wayne B. Gray & Carol Adaire Jones, 1990. "Are OSHA Health Inspections Effective? A Longitudinal Study in the Manufacturing Sector," NBER Working Papers 3233, National Bureau of Economic Research, Inc.
  13. Dillingham, Alan E, 1985. "The Influence of Risk Variable Definition on Value-of-Life Estimates," Economic Inquiry, Western Economic Association International, vol. 23(2), pages 277-94, April.
  14. A. Marin & G.R. Arabsheibani, 1998. "Stability of Estimates of the Compensation for Danger," Royal Holloway, University of London: Discussion Papers in Economics 98/15, Department of Economics, Royal Holloway University of London, revised Feb 1998.
  15. Felice Martinello & Ronald Meng, 1992. "Workplace Risks and the Value of Hazard Avoidance," Canadian Journal of Economics, Canadian Economics Association, vol. 25(2), pages 333-45, May.
  16. Herzog, Henry W, Jr & Schlottmann, Alan M, 1990. "Valuing Risk in the Workplace: Market Price, Willingness to Pay, and the Optimal Provision of Safety," The Review of Economics and Statistics, MIT Press, vol. 72(3), pages 463-70, August.
  17. 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.
  18. Garen, John, 1988. "Compensating Wage Differentials and the Endogeneity of Job Riskiness," The Review of Economics and Statistics, MIT Press, vol. 70(1), pages 9-16, February.
  19. Sandy, Robert & Elliott, Robert F, 1996. "Unions and Risk: Their Impact on the Level of Compensation for Fatal Risk," Economica, London School of Economics and Political Science, vol. 63(250), pages 291-309, May.
  20. Sherwin Rosen, . "The Value of Changes in Life Expectancy," University of Chicago - Population Research Center 87-14, Chicago - Population Research Center.
  21. Michael J. Moore & W. Kip Viscusi, 1987. "Doubling the estimated value of life: Results using new occupational fatality data," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 7(3), pages 476-490.
  22. Kniesner, Thomas J & Leeth, John D, 1991. " Compensating Wage Differentials for Fatal Injury Risk in Australia, Japan, and the United States," Journal of Risk and Uncertainty, Springer, vol. 4(1), pages 75-90, January.
  23. Paul Leigh, J., 1987. "Gender, firm size, industry, and estimates of the value-of-life," Journal of Health Economics, Elsevier, vol. 6(3), pages 255-273, September.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:kap:jrisku:v:29:y:2004:i:2:p:159-180. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn)

or (Christopher F. Baum)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.