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The Heterogeneity of the Value of Statistical Life: Introduction and Overview

dc.contributor.authorViscusi, W. Kip
dc.identifier.citation40 Journal of Risk and Uncertainty 1 (2010)en_US
dc.descriptionArticle published in a journal of theoretical and empirical papers that analyze risk-bearing behavior and decision-making under uncertainty.en_US
dc.description.abstractThe 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-$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.en_US
dc.format.extent1 PDF (24 pages)en_US
dc.publisherJournal of Risk and Uncertaintyen_US
dc.subjectValue of statistical lifeen_US
dc.subjectRisk aversionen_US
dc.subjectRegulatory policyen_US
dc.subject.lcshLife -- Valuationen_US
dc.subject.lcshIndustrial safetyen_US
dc.subject.lcshSafety regulationsen_US
dc.subject.lcshIndustrial safety -- Law and legislationen_US
dc.titleThe Heterogeneity of the Value of Statistical Life: Introduction and Overviewen_US

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