Are estimates of the value of a statistical life exaggerated?
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posted on 2024-06-03, 11:07authored byH Doucouliagos, TD Stanley, M Giles
The magnitude of the value of a statistical life (VSL) is critical to the evaluation of many health and safety initiatives. To date, the large and rigorous VSL research literature has not explicitly accommodated publication selectivity bias (i.e., the reduced probability that insignificant or negative VSL values are reported). This study demonstrates that doing so is essential. For studies that employ hedonic wage equations to estimate VSL, correction for selection bias reduces the average value of a statistical life by seventy to eighty percent. Our meta-regression analysis also identifies several sources for the wide heterogeneity found among reported VSL estimates.
History
Pagination
1-27
Language
eng
Publication classification
CN.1 Other journal article
Copyright notice
2011, The Authors
Publisher
Deakin University, School of Accounting, Economics and Finance
Place of publication
Geelong, Vic.
Series
School Working Paper - Economics Series ; SWP 2011/2