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Fixed‐effects Hedonic Price Model for Statistical Value of Live Estimations

Author

Listed:
  • Pere Riera
  • Abir Mhawej
  • Robert Mavsar
  • Raul Brey

Abstract

Relatively little attention has been given to the differences in value of statistical life (VSL) from developed and less developed countries. The paper derives a cross‐countries VSL estimate based on road fatality accidents and it provides a test to check for such differences. Estimations were obtained from a fixed‐effect hedonic price model applied to a panel of data using new and second‐hand car prices from 27 countries as a dependent variable. The VSL estimate of e6.63 million is in line with results from other studies; and the income elasticity of VSL between countries is close to unity, implying that VSL is approximately proportional to income.

Suggested Citation

  • Pere Riera & Abir Mhawej & Robert Mavsar & Raul Brey, 2005. "Fixed‐effects Hedonic Price Model for Statistical Value of Live Estimations," Transport Reviews, Taylor & Francis Journals, vol. 26(4), pages 487-500, July.
    • Handle: RePEc:taf:transr:v:26:y:2005:i:4:p:487-500
    DOI: 10.1080/01441640600602336
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    References listed on IDEAS

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    1. Arianne de Blaeij & Raymond J.G.M. Florax & Piet Rietveld & Erik T. Verhoef, 2000. "The Value of Statistical Life in Road Safety: A Meta-Analysis," Tinbergen Institute Discussion Papers 00-089/3, Tinbergen Institute.
    2. Georges Dionne & Pierre-Carl Michaud, 2002. "Statistical analysis of value-of-life estimates using hedonic wage method," Working Papers 02-1, HEC Montreal, Canada Research Chair in Risk Management.
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