| dc.contributor.author | Viscusi, W. Kip | |
| dc.contributor.author | Aldy, Joseph E. | |
| dc.date.accessioned | 2014-06-03T19:37:19Z | |
| dc.date.available | 2014-06-03T19:37:19Z | |
| dc.date.issued | 2008 | |
| dc.identifier.citation | 90 Review of Economics and Statistics 573 (2008) | en_US |
| dc.identifier.uri | http://hdl.handle.net/1803/6391 | |
| dc.description | published article | en_US |
| dc.description.abstract | To resolve the theoretical ambiguity in the effect of age on the value of statistical life (VSL), this article uses a novel, age-dependent fatal risk measure to estimate age-specific hedonic wage regressions. VSL exhibits an inverted-U shaped relationship with age. In the year 2000 cross-section, workers' VSL rises from $3.7 million (ages 18-24), to $9.7 million (35-44), and declines to $3.4 million (55-62). Controlling for birth-year cohort effects in a minimum distance estimator yields a peak VSL of $7.8 million at age 46, and flattens the VSL-age relationship. The value of statistical life-year also follows an inverted-U shape with age. | en_US |
| dc.format.extent | 1 PDF (11 pages) | en_US |
| dc.format.mimetype | application/pdf | |
| dc.language.iso | en_US | en_US |
| dc.publisher | The Review of Economics and Statistics | en_US |
| dc.subject.lcsh | Life -- Valuation | en_US |
| dc.title | Adjusting the Value of a Statistical Life for Age and Cohort Effects | en_US |
| dc.type | Article | en_US |
| dc.identifier.ssrn-uri | http://ssrn.com/abstract=898189 | |
