The Value of a Statistical Life: A Critical Review of Market Estimates Throughout the World

@article{Viscusi2002TheVO,
  title={The Value of a Statistical Life: A Critical Review of Market Estimates Throughout the World},
  author={W. Kip Viscusi and Joseph E. Aldy},
  journal={Journal of Risk and Uncertainty},
  year={2002},
  volume={27},
  pages={5-76}
}
A substantial literature over the past thirty years has evaluated tradeoffs between money and fatality risks. These values in turn serve as estimates of the value of a statistical life. This article reviews more than 60 studies of mortality risk premiums from ten countries and approximately 40 studies that present estimates of injury risk premiums. This critical review examines a variety of econometric issues, the role of unionization in risk premiums, and the effects of age on the value of a… 
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References

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A large literature has developed in which labor market contracts are used to estimate the value of a statistical life (VSL). Reported estimates of the VSL vary substantially, from less than $100,000
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Problems of life valuation have been discussed extensively in recent years (see Jan Acton; Brian C. Conley; Jack Hirshleifer, Theodore Bergstrom, and Edward Rappaport; M. W. Jones-Lee, J. Linnerooth,
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Value of life issues traditionally pertain to insurance of the losses of accident victims, for which replacement of the economic loss is often an appropriate concept. Deterrence measures of the value
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Using an original data set, this article presents the first effort to compare systematically the values of a statistical life obtained from the two main methodologies existing in the literature—the
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