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

  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},
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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