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Adjusting the Value of a Statistical Life for Age and Cohort Effects

dc.contributor.authorViscusi, W. Kip
dc.contributor.authorAldy, Joseph E.
dc.identifier.citation90 Review of Economics and Statistics 573 (2008)en_US
dc.descriptionpublished articleen_US
dc.description.abstractTo 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.extent1 PDF (11 pages)en_US
dc.publisherThe Review of Economics and Statisticsen_US
dc.subject.lcshLife -- Valuationen_US
dc.titleAdjusting the Value of a Statistical Life for Age and Cohort Effectsen_US

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