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Assessing the use of pseudo-panels to estimate the value of statistical life

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  • Felipe Vasquez-Lavin
  • Luna Bratti
  • Sergio Orrego
  • Manuel Barrientos

Abstract

In this paper, we estimate the Value of Statistical Life (VSL) for Chile, Colombia, and the United States using a hedonic wage model and a pseudo-panel approach. The VSL is a major component of the cost-benefit analysis of many policies, including public health, transportation safety, and environmental regulation. Using pseudo-panels, also known as synthetic cohort data, to estimate the VSL is relevant for low- and middle-income countries because many do not have panel data but do have repeated cross-sectional information. We conclude that the pseudo-panel approach is a suitable alternative for estimating the VSL when panel data is unavailable.

Suggested Citation

  • Felipe Vasquez-Lavin & Luna Bratti & Sergio Orrego & Manuel Barrientos, 2022. "Assessing the use of pseudo-panels to estimate the value of statistical life," Applied Economics, Taylor & Francis Journals, vol. 54(34), pages 3972-3988, July.
  • Handle: RePEc:taf:applec:v:54:y:2022:i:34:p:3972-3988
    DOI: 10.1080/00036846.2021.2019186
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