The heterogeneity of the value of statistical life: Introduction and overview |
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Authors: | W Kip Viscusi |
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Institution: | (1) Vanderbilt University, 131 21st Avenue South, Nashville, TN 37203, USA |
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Abstract: | The refinement in worker fatality risk data used in hedonic wage studies and evidence from new stated preference studies have
facilitated the exploration of the heterogeneity of the value of statistical life (VSL). Although the median VSL estimate
for workers is $7–$7–8 million, the VSL varies considerably within the worker population. New estimates of the income elasticity
of VSL are 1.0 or above, which are consistent with theoretical models linking VSL to the coefficient of relative risk aversion.
The specific relationship between VSL and risk aversion is, however, more complex than previously understood. Age differences
in VSL are substantial, with young children being accorded especially high VSL amounts. The public’s willingness to pay to
reduce risks is reduced if those being protected are perceived as being blameworthy due to their responsibility for contributing
to the risk. |
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